Transportation is a fundamental necessity that facilitates the movement of people around the globe. In Africa, automobiles serve as the primary mode of transportation, and affordable fuel prices can significantly impact the lives of Africans and the continent’s various economies.
Africa’s vast oil reserves present an excellent opportunity to capitalise on this valuable natural resource, leading to lower fuel costs and an improved standard of living across the continent.
According to GlobalPetrolPrices.com, which analyses data from 161 countries, petrol is more expensive than diesel in 84% of all nations. On average, diesel is 9.84% cheaper, but the difference varies significantly across countries and over time. Retail petrol prices are influenced by four key elements: crude oil prices, refining costs, distribution costs, and taxes. The proportion of each element in the retail price varies by country, with production and distribution costs, and particularly taxes, remaining relatively stable over time.
This data suggests that Africa has an advantage over Western nations and can position itself as a major player in the oil industry, with potential for progress and breakthroughs in the energy sector.
Africa’s low petrol prices provide much-needed relief to economies that may already be under financial strain. Reduced energy costs offer stability and economic empowerment to both consumers and businesses.
GlobalPetrolPrices.com lists ten African nations among those with the lowest petrol prices globally. The average fuel price worldwide is currently 1.32 US dollars per litre, unchanged from the previous month. While the fuel prices in Sudan and Libya remained steady from July to August, costs increased in Nigeria, Algeria, Egypt, Tunisia, and Gabon. Ethiopia rose in rank this month, while Angola saw a decline.
Top 10 African Nations with the Lowest Petrol Prices:
Libya
Global rank: 2nd
Fuel price: $0.031 per litre
Egypt
Global rank: 4th
Fuel price: $0.307 per litre
Angola
Global rank: 5th
Fuel price: $0.337 per litre
Algeria
Global rank: 6th
Fuel price: $0.343 per litre
Nigeria
Global rank: 10th
Fuel price: $0.489 per litre
Sudan
Global rank: 20th
Fuel price: $0.700 per litre
Ethiopia
Global rank: 23rd
Fuel price: $0.755 per litre
Tunisia
Global rank: 27th
Fuel price: $0.829 per litre
Liberia
Global rank: 34th
Fuel price: $0.912 per litre
Gabon
Global rank: 41st
Fuel price: $1.008 per litre
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Africa’s abundant oil resources offer a powerful lever to drive social progress and economic success. By leveraging its fuel advantage, the continent can empower its people, spur innovation in the energy industry, and take a leading role in the global oil market. However, diversification and prudent management are essential to ensuring long-term success.
