Globally, the average cost of a liter of gasoline is 1.30 USD. However, these costs vary significantly between countries.
As stated by GlobalPetrolPrices.com, “richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices.”
The pricing differences between countries are due to different petrol taxes and subsidies. All countries have access to the same international petroleum pricing but choose to levy various taxes. As a result, the retail cost of gasoline varies.
According to GlobalPetrolPrices.com, here are the top 10 African countries with the cheapest fuel at the outset of 2024.
Libya
At the top of the list is Libya, with an astonishingly low fuel price of $0.031 per litre. It’s all thanks to their massive oil reserves and government subsidies, making them the world’s second cheapest gas station after Iran.
Algeria
With a fuel price of $0.342 per liter, Algeria secures the second position. The country is a major player in the global oil and gas market, allowing it to maintain relatively low fuel prices.
Angola
Angola, ranking sixth globally, boasts a fuel price of $0.362 per liter. The country is a significant oil exporter, and its relatively low fuel prices are attributed to its oil production capacity.
Egypt
With a fuel price of $0.403 per liter, Egypt stands as the seventh cheapest country globally. Egypt has a diverse energy mix, including natural gas and petroleum, contributing to its ability to maintain low fuel prices.
Sudan
Sudan secures the fifth position among the top 10 African countries with a fuel price of $0.700 per liter. Regardless of facing economic challenges, Sudan manages to keep fuel prices relatively low, ensuring accessibility for its citizens and supporting various industries.
Nigeria
Nigeria, the largest oil producer in Africa, ranks 22nd globally with a fuel price of $0.722 per liter. While being a major player in the global oil market, Nigeria faces challenges such as corruption and infrastructure issues that impact its ability to provide even more affordable fuel to its citizens.
Tunisia
Tunisia, with a fuel price of $0.824 per liter, holds the 27th position globally. The country benefits from a diversified economy and strategic geographic location, contributing to its ability to maintain reasonable fuel prices.
Gabon
Gabon, with a fuel price of $1.002 per liter, is the eighth African country on the list. While slightly higher than some of its counterparts, Gabon’s fuel prices remain relatively affordable, supported by its oil production and export activities.
Liberia
Liberia, with a fuel price of $1.021 per liter. Despite facing challenges such as limited infrastructure, Liberia manages to keep its fuel prices comparatively low, supporting economic activities and transportation.
Ghana
Closing the top 10 list is Ghana, with a fuel price of $1.033 per liter. Ghana has seen steady economic growth, and its efforts in diversifying its energy sources contribute to maintaining affordable fuel prices for its citizens.
source: https://businessday.ng/energy/oilandgas/article/top-10-african-countries-with-cheapest-fuel-at-the-outset-of-2024/?amp=1