Despite African countries struggling with the energy crisis and a series of reforms in the oil and gas sector, some countries in the continent are among the list of top countries with the lowest prices of gasoline, also known as petrol, globally for November 2024.
Libya tops the list of the African countries with the lowest petrol prices, with Angola and Egypt making the top three nations.
Nigeria is in the 6th position in Africa and 21st globally.
Recall that President Bola Ahmed Tinubu during his inauguration ceremony in May 2023 announced the removal of fuel subsidy as part of his oil and gas reforms.
Nigeria, Africa’s largest oil producer, is said to be experiencing a transitional period following the removal of fuel subsidies.
With the Dangote refinery, a private-owned indigenous oil refining company, coming on stream earlier this year and the Port Harcourt refinery revival recently, many Nigerians expect a possible reduction in the price of petrol in the country.
However, Low fuel prices, particularly in Africa where there are few energy options, ensure that the economy moves smoothly.
Some of Africa’s lowest prices are offered by nations with advanced refining facilities, which make money by producing their own gasoline.
Below are the 10 African nations with the lowest fuel prices in November 2024 as per GlobalPetrolPrices.com.
Top 10 African countries with the lowest fuel prices in November
1. Libya
Libya has the second-lowest fuel prices globally, costing only $0.031 (N51.577) per litre. This is largely due to its substantial oil reserves and a government policy of heavy subsidies aimed at keeping energy affordable for citizens. Despite ongoing political instability, Libya’s oil industry remains a significant driver of its economy, allowing the country to maintain some of the world’s cheapest fuel prices.
2. Angola
Ranked 94th globally for fuel affordability, Angola sells fuel at $0.329 (N553.055) per litre. As one of Africa’s largest oil producers, Angola benefits from abundant petroleum resources, enabling the government to subsidise fuel prices. However, the country faces challenges in ensuring equitable energy access due to economic disparities and infrastructure issues.
3. Egypt
Egypt offers fuel at $0.344 (N576.668) per litre, placing it 46th globally in fuel affordability. The country balances its domestic consumption needs with production from its oil and gas reserves. Despite efforts to reduce subsidies in recent years, fuel remains relatively cheap compared to global standards, supporting the economy and its large population.
4. Algeria
With fuel priced at $0.345 (N578.873) per litre, Algeria ranks 57th globally. As a significant oil and gas producer in North Africa, Algeria heavily subsidises its domestic fuel market. This affordability is part of a broader policy to ease living costs for its citizens, although the government faces pressure to reform subsidies to bolster its fiscal sustainability.
5. Sudan
Sudan sells fuel at $0.700 (N1,178.190) per litre, ranking 19th globally. Political instability and economic challenges have influenced fuel pricing in the country. While subsidies help make fuel relatively affordable, the government has struggled to maintain consistent pricing amidst inflation and currency devaluation.
6. Nigeria
Fuel in Nigeria costs $0.710 (N1,184.830) per litre, earning the country the 21st position globally for fuel affordability. As Africa’s largest oil producer, Nigeria’s fuel prices reflect a mix of subsidies and production advantages. However, the nation has grappled with issues like subsidy reforms and fuel shortages, impacting its economy and citizens.
7. Ethiopia
At $0.747 (N1,242.613) per litre, Ethiopia ranks 25th globally in fuel affordability. Unlike some of its oil-producing neighbours, Ethiopia is a net importer of fuel, making its pricing sensitive to global oil market fluctuations. The government’s focus on developing infrastructure and reducing reliance on imports could influence future fuel pricing.
8. Tunisia
Tunisia ranks 28th globally with fuel priced at $0.803 (N1,340.033) per litre. The country imports most of its energy needs, but government subsidies keep fuel prices relatively low for its citizens. Economic reforms and rising energy demands may challenge this affordability in the future.
9. Liberia
Liberia offers fuel at $0.933 (N1,595.705) per litre, placing it 39th globally. As a net fuel importer, the country’s pricing reflects transportation and import costs. Efforts to stabilize the economy and improve infrastructure are critical to ensuring consistent fuel supply and affordability.
10. Gabon
In Gabon, fuel costs $0.961 (N1,599.616) per litre, ranking it 42nd globally. As an oil-exporting nation, Gabon benefits from domestic production, which helps maintain reasonable fuel prices. However, economic diversification remains a priority as the country seeks to reduce dependency on oil revenues.
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Top 10 countries with cheaper petrol prices in November, 2024
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