Top 10 African Countries with the lowest Fuel Prices – A 2024

Fuel prices significantly influence the economic dynamics of nations, particularly in Africa, where transportation predominantly depends on fossil fuels. This blog post provides a detailed comparison of the top 10 African countries with the lowest fuel prices as of April 2024, offering insights into the factors that contribute to these rates.

Methodology

The data for this analysis comes from GlobalPetrolPrices.com, which tracks average gasoline prices per liter across the globe. This post focuses on countries within Africa that have managed to keep their fuel prices relatively low.

The Top 10 African Countries with the lowest Fuel Prices

1. Libya: Leading the list, Libya offers the lowest fuel price on the continent at $0.031 per liter, also placing it second globally. Libya’s substantial oil reserves play a critical role in maintaining these low prices.
2. Egypt: With a price of $0.281 per liter, Egypt ranks fourth globally. The country benefits from its strategic location close to major oil-producing regions, which helps keep fuel prices competitive.
3. Algeria: Algeria’s state-controlled oil industry helps it maintain stable and low fuel prices at $0.342 per liter, making it sixth on the global list.
4. Angola: Despite being a significant oil producer, Angola manages to keep its fuel prices reasonable at $0.359 per liter, ranking eighth globally.
5. Nigeria: Known as a major oil exporter, Nigeria offers fuel at $0.549 per liter. Positioned thirteenth globally, its fuel pricing is influenced by internal factors such as subsidies and exchange rates.
6. Sudan: At $0.700 per liter, Sudan’s fuel prices are impacted by its political stability and oil production capabilities, placing it twentieth on the global stage.
7. Tunisia: With diverse economic strategies, Tunisia maintains its fuel price at $0.800 per liter, securing the twenty-second position globally.
8. Liberia: Liberia’s low demand, owing to its small population, contributes to its fuel price of $0.968 per liter, tying it at thirty-first globally.
9. Gabon: Sharing the thirty-second global rank with Liberia, Gabon sets its fuel price at $0.968 per liter, supported by its oil production and prudent economic policies.
10. Ghana: As a net importer of oil, Ghana still manages competitive fuel rates at $1.051 per liter, which places it fortieth globally.

Conclusion

This comparative analysis of fuel prices across African countries underscores the impact of geographical, economic, and political factors on fuel costs. While countries like Libya benefit immensely from their oil reserves, others like Ghana work strategically to manage fuel prices despite being net oil importers. Keeping abreast of these prices is crucial for policymakers, businesses, and consumers alike, as they significantly affect transportation costs and economic well-being.

Disclaimer

Please note that the data provided in this blog post is based on information available as of April 2024 and may be subject to change. Always refer to reliable sources for the most current fuel prices.