It’s really hard to exaggerate how important low fuel prices are, especially in developing countries like many in Africa. Low gas prices affect many parts of a country’s economy. They help the economy run smoothly, support businesses and consumers, and shape the market.
In many African countries, high transportation costs can make life even harder by making it difficult to access essential services like food, healthcare, and education. Lower fuel prices can ease this problem by making transportation more affordable, especially for low-income people and those living in rural areas.
Cheaper transportation means better access to jobs, markets, and social services, which can help lift struggling communities out of hardship.
Additionally, businesses that depend a lot on transportation, such as those in manufacturing, logistics, and agriculture, often have higher operating costs. This can reduce their profits, especially in areas that rely on generators for power.
To say that fuel prices are a critical economic factor in some African countries is really an understatement.
With this in mind, here are the top 10 African countries with the lowest fuel prices in April 2024. This list comes from GlobalPetrolPrices.com and was last checked on April 22, 2024.
Currently, the worldwide average price for gasoline is $1.34 per liter.
| Rank | Country | Fuel price | Global rank |
|---|---|---|---|
| 1. | Libya | $0.031 | 2nd |
| 2. | Egypt | $0.281 | 4th |
| 3. | Algeria | $0.342 | 6th |
| 4. | Angola | $0.359 | 8th |
| 5. | Nigeria | $0.549 | 13th |
| 6. | Sudan | $0.700 | 20th |
| 7. | Tunisia | $0.800 | 22nd |
| 8. | Liberia | $0.968 | 31st |
| 9. | Gabon | $0.968 | 32nd |
| 10. | Ghana | $1.051 | 40thh |