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November 7, 2024
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2024 Rankings: Top 10 African Countries With Cheapest Fuel Prices

By Our Binocular

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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