In June 2024, a few African countries saw a reduction in fuel costs, even amongst African countries known to typically have the highest prices of fuel on the continent.
The reductions were brought about by a combination of economic factors, both domestic and international. The average fuel price worldwide is currently 1.31 USD per liter, down from 1.35 USD per liter the previous month.
Lower fuel prices in Africa provide much-needed relief to economies already under financial strain. Fuel costs significantly impact various aspects of the economy in many African countries, making regulation crucial. Lower energy costs directly benefit businesses and consumers, fostering economic empowerment and stability.
In many African nations, high transportation costs can exacerbate poverty by restricting access to essential goods and services like food, healthcare, and education. Lower fuel costs as a result alleviates these issues by making transportation more affordable, especially for low-income individuals and those in rural areas.
Affordable transportation enhances access to job opportunities, markets, and social services, thereby strengthening underserved communities and reducing hardship.
Moreover, companies in industries like manufacturing, logistics, and agriculture that depend heavily on transportation may have higher running expenses. Lower profit margins might arise from this, particularly in places where generators are used to provide energy.
With that said, here are the 10 countries in Africa with the highest fuel prices currently according to GlobalPetrolPrices.com.
The global average price for fuel is presently 1.31 U.S. dollars per liter, as opposed to 1.35 US dollars per liter last month.
Rank Country Fuel price Global rank
1. Libya $0.031 2nd
2. Egypt $0.279 4th
3. Algeria $0.342 5th
4. Angola $0.351 7th
5. Nigeria $0.503 10th
6. Sudan $0.700 21st
7. Tunisia $0.806 24th
8. Liberia $0.939 35th
9. Gabon $0.973 38th
10. Ghana $1.026 43rd
Source: businessinsiderafrica