Several African countries have seen increases in fuel costs during the last year. Most of Africa, particularly its largest countries, faced serious fiscal issues at the start of 2023, and thus the new year. However, these pressures are expected to subside as steps and initiatives are implemented to combat the continent’s rising energy prices.
Rising fuel prices have a quick impact on transportation costs, putting pressure on product and service pricing.
when a result, this rise may contribute to inflation when businesses pass on greater operational costs to their customers.
Furthermore, industries that rely heavily on transportation, such as manufacturing, logistics, and agriculture, may see increased operational expenses. This could result in decreased profit margins, employee layoffs, or increased product prices.
Finally, increased fuel costs can stifle economic growth by reducing consumer spending, inhibiting investment, and limiting productivity.
Because energy is such a vital input in so many industries, from transportation to agriculture, fluctuations in fuel prices may have a continental-wide impact, affecting consumers, businesses, and governments alike.
With that said, these are the ten African countries with the highest fuel costs in April 2024. This list, courtesy of GlobalPetrolPrices.com, was last updated on April 22, 2024.
The global average price for fuel is currently 1.34 US dollars per liter.
| Rank | Country | Fuel price | Global rank |
|---|---|---|---|
| 1. | Central Africa Republic | $1.789 | 33rd |
| 2. | Zimbabwe | $1.690 | 41st |
| 3. | Senegal | $1.610 | 48th |
| 4. | Seychelles | $1.568 | 50th |
| 5. | Sierra Leone | $1.524 | 53rd |
| 6. | Morocco | $1.523 | 54th |
| 7. | Burundi | $1.513 | 56th |
| 8. | Kenya | $1.499 | 58th |
| 9. | Uganda | $1.459 | 66th |
| 10. | Malawi | $1.453 | 67th |