In countries with low income levels, such as many in Africa, the significance of maintaining low fuel prices cannot be overstated. Low gasoline prices play a crucial role in various aspects of the global economy.
They empower both consumers and companies, shaping market dynamics and ensuring the smooth functioning of economies. Consequently, governments prioritize efforts to keep fuel prices relatively affordable.
GlobalPetrolPrices.com, a website that monitors gas prices worldwide, states that the average cost of gasoline is 1.30 USD per litre worldwide.
While some nations sell at a slower rate than the global average, some sell at a greater rate. This seldom captures the entire story, though, as several nations with extremely high petrol costs also have extremely high minimum wages, giving their residents easy access to fuel.
Additionally, it is important to note that industries that rely significantly on transportation, such as manufacturing, logistics, and agriculture, may see increased operating costs. This might thus result in lower profit margins, especially considering regions that rely on electricity generators.
So to say fuel cost in some African countries is a major economic catalyst is an understatement. With that said, here are the 10 African countries with the lowest fuel prices in March 2024.
This data was last updated on the 4th of March, 2024, by GlobalPetrolPrices.
| Rank | Country | Fuel price (current) | Global rank | Fuel price (January) | Global rank (Januar |
|---|---|---|---|---|---|
| 1. | Libya | $0.031 | 2nd | $0.031 | 2nd |
| 2. | Algeria | $0.342 | 5th | $0.342 | 4th |
| 3. | Angola | $0.362 | 6th | $0.362 | 6th |
| 4. | Egypt | $0.404 | 7th | $0.403 | 7th |
| 5. | Nigeria | $0.428 | 8th | $0.722 | 22nd |
| 6. | Sudan | $0.700 | 21st | $0.700 | 20th |
| 7. | Tunisia | $0.810 | 25th | $0.824 | 27th |
| 8. | Liberia | $0.974 | 33rd | $1.021 | 41st |
| 9. | Gabon | $0.984 | 35th | $1.002 | 39th |
| 10. | Ghana | $1.019 | 39th | $1.033 | 44th |
