Victor Ezeja
While all countries have access to the same international petroleum prices as determined by crude oil prices, the cost of fuel can vary significantly across different countries due to a range of factors including taxes, subsidies, transportation/logistics costs, and local economic conditions.
Currently, the average cost of a liter of gasoline globally is $1.32. According to GlobalPetrolPrices.com, “richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices,” with the exception of the United States which is an economically advanced country but has low prices.
Join our WhatsApp ChannelAccording to GlobalPetrolPrices.com, here are the top 10 African countries with the cheapest fuel as of 22 July 2024 when it was last updated.
READ ALSO: Top 10 African Countries With Highest Fuel Prices In July 2024
Egypt
With a fuel price of $0.279 per liter, Egypt takes first position in Africa and fourth cheapest country globally as of 22 July 2024.
Egypt’s ability to maintain cheap gasoline price can be attributed to its broad energy mix, which includes petroleum and natural gas. Though it is the fifth-largest oil producer in the Africa, according to Statista report for 2023, Egypt leads the way in oil refining in the continent, with a refinery capacity of 883 thousand barrels per day (bpd).
Algeria
With a fuel price of $0.341 per liter, Algeria takes the second position in Africa and fifth country with cheapest fuel price in July 2024. Because of its significant market share in the global oil and gas industry, Algeria is able to keep fuel prices relatively low. It ranked third among Africa’s largest oil producers in the first quarter of 2024, average daily production of 0.910 million barrels.
Angola
Angola has $0.344 per litre making it the third in Africa and seventh country with cheapest fuel price in the world. The country is also a leading oil exporter. It recorded 1.07 million barrels per day in April 2024.
Nigeria
According to the data, while Nigeria has 10th position in the world, it is the fourth African country with the cheapest petrol price in July 2024 having $0.479 per litre. The country is the largest crude oil producer in Africa, according the Organisation of Petroleum Exporting Countries (OPEC) data. It recorded an average of 1.276 million barrels per day of crude oil production in June 2024.
While the West African country ranks fourth in terms of low price of petrol, the people are however battling with high energy costs never experienced before. Because of its inability to refine petroleum products, the country relies on imports to meet domestic consumption needs, subjecting it to costs associated with importation. The removal of subsidy on petrol last year, made the cost to jump by over 300 per cent causing the costs of other things to increase as well. According to the current official exchange rate of N1,600/$1, a litre of petrol would cost N766.4.
Tunisia
With $0.813, Tunisia holds 24th position globally and fifth in Africa. The country is able to keep fuel prices moderate because of its advantageous geographic location and varied economy.
Liberia
Liberia, with a fuel price of $1.0914 per litre ranks 33rd globally and sixth in Africa. Even with its poor infrastructure, Liberia is able to maintain relatively cheap fuel prices, which helps with transportation and economic activity.
Gabon
Gabon ranks seventh cheapest among African nations and 37th in the world, with a fuel price per liter of $0.987. Gabon’s fuel prices are still rather cheap despite being marginally higher than those of some of its competitors, because to its export and oil producing activities.
Ghana
With a fuel price of $1.032 per liter, Ghana ranks eight in Africa and 44th in the world. Ghana’s economy has grown steadily, and the country’s efforts to diversify its energy sources help to keep fuel prices low for its people.
Benin
Benin ranks ninth in Africa and 52nd globally with $1.129 per litre. The West African country imports refined petroleum products. According to the African Energy Commission, the country has several crude oil reserves that are officially subdivided into 17 blocks. It began exploited small offshore oil field in 1982 but halted in 1998 due to unprofitable operations.
Togo
Togo, with $1.62 per litre ranks 57th globally and 10th country with cheapest fuel price among other African nations.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
