As 2024 draws to a close, low fuel prices in some African countries provide relief for their citizens. Affordable fuel can reduce living costs, easing the financial burden on households.
Compiled here is a list of the top 10 African countries where fuel prices are the lowest as of December 2024, courtesy of GlobalPetrolPrices.
Factors Influencing Low Fuel Prices Several African countries benefit from specific conditions that help maintain lower fuel costs. These include:
Natural Resource Abundance: Countries rich in oil reserves can use their resources to lower domestic fuel prices.
Government Policies: Subsidies or price caps are often used to prevent social unrest and stabilise the economy.
Refining Capacity: Nations with advanced refining infrastructure can process crude oil locally, reducing the costs associated with importing refined products.
Here are the 10 African countries with the most affordable fuel prices at the end of 2024, along with their global rankings:
Libya – $0.031 per litre (2nd globally)
Angola – $0.329 per litre (4th globally)
Egypt – $0.335 per litre (5th globally)
Algeria – $0.343 per litre (7th globally)
Sudan – $0.700 per litre (21st globally)
Ethiopia – $0.718 per litre (24th globally)
Nigeria – $0.768 per litre (27th globally)
Tunisia – $0.796 per litre (28th globally)
Liberia – $0.857 per litre (32nd globally)
Gabon – $0.952 per litre (41st globally)
Global Context The average price of gasoline worldwide was $1.24 per litre in December, showing a slight decrease from $1.25 per litre in November. Specific changes in African countries include slight price reductions in Egypt, Algeria, Ethiopia, Tunisia, Liberia, and Gabon. Meanwhile, prices in Libya, Sudan, and Angola remained stable, and Nigeria saw an increase compared to the previous month.