- Business Insider Africa presents the top 10 African countries with the cheapest fuel prices at the start of 2024.
- This list is courtesy of GlobalPetrolPrices.com.
- The list was last updated on the 1st of January 2024.
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."
Read also: Top 10 African countries with the lowest fuel prices in November
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.
Top 10 African countries with the cheapest fuel prices at the start of 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 |