Most African nations, which are traditionally known as having the continent’s lowest gasoline costs, reported a modest increase in fuel prices in August compared to July. Several local and international economic forces conspired to trigger these shifts.
A low cost of petrol in Africa provides much-needed relief to economies that may already be facing fiscal difficulties.
Fuel costs have a major impact on several aspects of the African economy, hence the necessity of market control. Reduced energy prices benefit both consumers and companies, providing stability and economic empowerment.
Expensive transportation costs can exacerbate poverty in many African nations by limiting access to needs such as food, medical care, and education. As a result, lower gasoline prices assist to offset these issues.
Furthermore, firms that depend heavily on transportation, such as those in manufacturing, logistics, and agriculture, could offer lower prices of their goods or services to customers if fuel costs are low.
With that said, these are the ten African countries with the lowest current fuel costs, according to GlobalPetrolPrices.com.
The global average fuel price is currently 1.32 U.S. per liter same as last month.
Fuel prices for Libya and Sudan stayed the same from the top 10 list from July to August. While prices for Egypt, Algeria, Nigeria, Tunisia, and Gabon increased. Angola is the only country on this month’s list to experience a reduction, while Ethiopia ousted Ghana this month.
Top 10 African countries with the lowest fuel prices in August 2024
| Rank | Country | Fuel price | Global rank |
|---|---|---|---|
|
1. |
Libya |
$0.031 |
2nd |
|
2. |
Egypt |
$0.307 |
4th |
|
3. |
Angola |
$0.337 |
5th |
|
4. |
Algeria |
$0.343 |
6th |
|
5. |
Nigeria |
$0.489 |
10th |
|
6. |
Sudan |
$0.700 |
20th |
|
7. |
Ethiopia |
$0.755 |
23rd |
|
8. |
Tunisia |
$0.829 |
27th |
|
9. |
Liberia |
$0.912 |
34th |
|
10. |
Gabon |
$1.008 |
41st |
