Low petrol prices have an impact on many facets of the global economy. They empower consumers and businesses and shape the market, all while ensuring that an economy can function smoothly.
For this reason, governments work to keep the price of fuel somewhat low.
The average cost of petrol is 1.30 US dollars per liter worldwide, according to GlobalPetrolPrices.com, a website that monitors fuel costs globally.
Certain nations exhibit more sales than the norm, while others exhibit lower sales. This is rarely the case, though, as there are certain nations with extremely high minimum wages that simultaneously have extremely high petrol prices, giving their residents easy access to 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.”
Nevertheless, it is difficult to refute the idea that low gasoline costs support price stability in a number of economic areas. Energy inputs are essential to many businesses, including manufacturing and agriculture. Consequently, as fuel prices rise, business expenses rise as well. Conversely, when energy costs fall, business expenses decrease.
After all of that, these are the top ten African nations where fuel prices will be the lowest in 2024. With the most recent update on January 1, 2024, this list comes from GlobalPetrolPrices.com.
Top 10 African countries with the cheapest fuel prices at the start of 2024.
Rank Country Fuel price Global rank
1. Libya US$0.031 2nd
2. Algeria US $0.342 4th
3. Angola US $0.362 6th
4. Egypt US$0.403 7th
5. Sudan US$0.700 20th
6. Nigeria US$0.722 22nd
7. Tunisia US$0.824 27th
8. Gabon US$1.002 39th
9. Liberia US$1.021 41st
10. Ghana US$1.033 44th
