Top 10 African Countries with the Cheapest Fuel Prices at the Start of 2024
Affordable fuel prices are more than just a convenience for drivers; they are a pillar of financial stability. The effects of low gasoline costs are seen in many areas of the global economy, from...
Affordable fuel prices are more than just a convenience for drivers; they are a pillar of financial stability. The effects of low gasoline costs are seen in many areas of the global economy, from empowering businesses and consumers to influencing the market, a reasonably priced cost of energy allows for the smooth operation of an economy. This is why governments try to make their fuel prices relatively affordable.
According to GlobalPetrolPrices.com, a platform that tracks the prices of gasoline globally, the average price of gasoline around the world is 1.30 U.S. Dollars per liter.
Some countries sell at a higher rate than the average, while some are lower. However, this seldom tells the whole tale, as some countries that have very high gasoline prices also have a very high minimum wages, thereby allowing citizens of said country the means to easily afford fuel.
As mentioned by GlobalPetrolPrices.com, “there is substantial difference in these prices among countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly 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.
| Rank | Country | Fuel price | Global rank |
|---|---|---|---|
| 1. | Libya | $0.031 | 2nd |
| 2. | Algeria | $0.342 | 4th |
| 3. | Angola | $0.362 | 6th |
| 4. | Egypt | $0.403 | 7th |
| 5. | Sudan | $0.700 | 20th |
| 6. | Nigeria | $0.722 | 22nd |
| 7. | Tunisia | $0.824 | 27th |
| 8. | Gabon | $1.002 | 39th |
| 9. | Liberia | $1.021 | 41st |
| 10. | Ghana | $1.033 | 44th |
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