Affordable fuel prices are more than simply a convenience for drivers; they are a cornerstone of financial stability.
Low petrol prices have a wide-ranging impact on the global economy, from enabling firms and consumers to influence the market. A moderately-priced cost of energy helps an economy to run smoothly.
This is why governments want to keep fuel prices as low as possible.
According to GlobalPetrolPrices.com, a portal that records gasoline prices throughout the world, the average price of fuel worldwide is 1.30 US dollars per liter.
Some nations sell at a faster rate than the average, while others sell at a slower rate. However, this seldom reflects the full story, because several nations with very high petrol costs also have very high minimum wages, allowing inhabitants of such countries to easily purchase fuel.
According to GlobalPetrolPrices.com, “there is a significant difference in these prices between countries. Richer nations often have higher prices, whereas poorer countries and those that produce and export oil have dramatically lower prices.”
Regardless, it is hard to argue that affordable fuel prices contribute to price stability across various sectors of the economy. Many industries, from agriculture to manufacturing, rely on energy inputs, as a result, if fuel prices are higher the cost of doing business is high, and vice versa, if energy cost is low, the cost of doing business is lower.
With that said, here are the 10 African countries with the lowest price of fuel at the start of 2024. This list is courtesy of GlobalPetrolPrices.com and was last updated on the 1st of January 2024.
Top 10 African countries with the lowest prices for fuel in 2024.
Rank Country Fuel Price global rank
- Libya US$0.031 2nd
- Algeria US $0.342 4th
- Angola US $0.362 6th
- Egypt US$0.403 7th
- Sudan US$0.700 20th
- Nigeria US$0.722 22nd
- Tunisia US$0.824 27th
- Gabon US$1.002 39th
- Liberia US$1.021 41st
- Ghana US$1.033 44th
Source: African Business Insider
