It is practically impossible to overstate the importance of cheap fuel prices, particularly in developing countries such as Africa. Low gasoline costs affect many aspects of a country’s economy. They ensure that an economy functions properly while also empowering firms and consumers and influencing the market.
In many African countries, high transportation costs can exacerbate poverty by limiting access to fundamental goods and services such as food, healthcare, and education. Lower fuel costs can help relieve this problem by making transportation more affordable, particularly for low-income individuals and rural areas.
Affordable transportation increases access to job opportunities, markets, and social services, strengthening underserved areas and reducing distress.
READ ALSO: Top 10 African Countries With The Highest Fuel Prices in April 2024
Furthermore, firms that rely largely on transportation, such as manufacturing, logistics, and agriculture, may incur greater operating costs. This may result in lower profit margins, especially in areas that rely on electricity generators.
To say that fuel prices in some African countries are a major economic driver is an understatement.
With that said, here are the top ten African countries with the cheapest 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. | 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 | 40th |