- Business Insider Africa highlights the top 10 African countries with the lowest fuel prices as of October 2024,
- This list is courtesy of data from GlobalPetrolPrices.com.
- GlobalPetrolPrices.com last updated its index on the 21st of October.
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Affordable costs of essentials such as food and power provide much-needed relief from the economic hardships that several African countries are facing. As a result, countries on the continent with low fuel prices typically provide their inhabitants a lower cost of living. Fortunately there are countries in Africa that are able to maintain relatively low fuel prices in spite of economic challenges.
In contrast to countries with high petrol costs, a few African countries could continue to lower fuel prices due to a number of factors.
These frequently include natural resource availability, savvy government initiatives, and well-established infrastructure.
In certain circumstances, governments intervene to keep gasoline costs low by subsidies or price restrictions, in order to prevent social discontent and economic instability.
Countries with sophisticated refining facilities profit from generating their own gasoline, allowing them to provide some of Africa's lowest costs.
Furthermore, oil-producing countries frequently typically have an edge when negotiating bi-lateral energy agreements with their contemporaries.
With that said, below are the ten African countries with the lowest fuel costs in October 2024, as reported by GlobalPetrolPrices.com.
Globally, the average fuel price is currently 1.26 U.S dollars per liter, compared to 1.29 U.S. dollars per liter last month, and 1.27 U.S. dollars per liter, earlier in the month.
Fuel prices for Angola, Algeria, Tunisia, Liberia and Ghana, in line with the global average decline, dropped marginally compared to the top 10 list last month.
| 1. | Libya | $0.031 | 2nd |
| 2. | Angola | $0.329 | 4th |
| 3. | Algeria | $0.344 | 6th |
| 4. | Egypt | $0.349 | 7th |
| 5. | Nigeria | $0.629 | 17th |
| 6. | Sudan | $0.700 | 22nd |
| 7. | Ethiopia | $0.768 | 26th |
| 8. | Tunisia | $0.814 | 28th |
| 9. | Liberia | $0.887 | 33rd |
| 10. | Ghana | $0.962 | 41st |
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