Nigeria, Egypt, Angola, Among Top 10 African Nations with Most Affordable Fuel Prices
Unlike the worldwide average fuel price of $1.33, numerous African nations offer fuel at considerably lower rates, shaping the economic landscape of each country.
The economic implications of fuel costs go beyond the transportation sector, affecting various industries and influencing the daily lives of residents.
The necessity of maintaining affordable gasoline prices becomes even more crucial amidst inevitable price fluctuations.
Africa, grappling with domestic and international socio-economic challenges, experiences inflationary pressures, particularly in vital sectors like food and energy.
Over the last two years, a majority of African countries have confronted rising costs of essential necessities, influenced by factors such as the lingering effects of the COVID-19 pandemic and the Russia/Ukraine crisis.
Internal complexities, including domestic conflicts, coups, and the looming threat of climate change, further contribute to economic instability within Africa's borders. Against this backdrop, increasing fuel prices emerge as a persistent challenge for African nations.
Consider Nigeria, for instance, a nation already dealing with its share of complexities. Under the leadership of newly elected President Bola Tinubu, the country underwent a reform that eliminated fuel subsidies, leading to a substantial surge in fuel prices.
Throughout the year, a few African countries have experienced a decrease in fuel costs. Despite the prevailing challenges, some nations in Africa continue to maintain fuel prices well below the global average of $1.33.
Here is a snapshot of the top 10 African countries with the most affordable fuel prices in November, based on data from GlobalPetrolPrices:
1. Libya: $0.031 per liter (Global Rank: 2nd)
2. Algeria: $0.343 per liter (Global Rank: 5th)
3. Angola: $0.358 per liter (Global Rank: 6th)
4. Egypt: $0.404 per liter (Global Rank: 7th)
5. Nigeria: $0.764 per liter (Global Rank: 21st)
6. Tunisia: $0.813 per liter (Global Rank: 25th)
7. Gabon: $0.991 per liter (Global Rank: 37th)
8. Liberia: $1.024 per liter (Global Rank: 39th)
9. Ghana: $1.056 per liter (Global Rank: 44th)
10. Sudan: $1.062 per liter (Global Rank: 46th)
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