Low fuel prices in Africa creates the necessary cushion needed to relief an already financially stressed economic situation.
In many African countries fuel costs influence many aspects economy, and as such must be regulated. The lower the better, as energy cost directly empowers businesses and its consumers.
In many African nations, 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 hardship.
Furthermore, companies 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 costs in certain African countries are a major economic driver is an understatement.
With that stated, here are the top ten African nations with the cheapest fuel costs in May 2024. This list is courtesy of GlobalPetrolPrices.com and was last updated on May 13, 2024.
The global average price for fuel is presently 1.35 US dollars per liter, as opposed to 1.34 US dollars per liter last month.
| Rank | Country | Fuel price | Global rank |
|---|---|---|---|
| 1. | Libya | $0.031 | 2nd |
| 2. | Egypt | $0.287 | 4th |
| 3. | Algeria | $0.342 | 6th |
| 4. | Angola | $0.360 | 7th |
| 5. | Nigeria | $0.482 | 10th |
| 6. | Sudan | $0.700 | 21st |
| 7. | Tunisia | $0.805 | 23rd |
| 8. | Liberia | $0.966 | 33rd |
| 9. | Gabon | $0.978 | 35th |
| 10. | Ghana | $1.076 | 46th |
SOURCE:africa.businessinsider.com
