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Families and companies alike gain from lower transportation costs, which are closely correlated with low petrol prices.
Cheaper logistical costs translate into cheaper production costs for businesses, while more economical transportation makes daily life easier for households.
Manufacturing, construction, and agriculture are among the industries that benefit from reduced gasoline prices because they minimize production overheads and open the door to more competitive pricing in domestic and foreign markets.
Household buying power is also impacted. Spending less on transportation and gasoline allows families to spend more on necessities like food, healthcare, and education.
Low fuel prices boost regional commercial advantages.
A country that can inexpensively refine and distribute petroleum, as Nigeria is doing presently, is better positioned to sell to neighbors at competitive prices, therefore increasing its influence in the global markets.
Furthermore, inexpensive gasoline helps to keep inflation under control, as energy prices impact practically every other product and service.
As Africa strives for energy independence, with major refining and gas plants sprouting in Nigeria and Angola, the strategic relevance of low gasoline costs is evident.
In a continent where high transportation and food costs are among the leading causes of poverty, governments that can attain and maintain low fuel prices will have a significant advantage in developing robust, inclusive economies.
With that said, here are the African countries with the lowest fuel prices currently, as per Global Petrolprices.
Compared to last month, fuel prices for last month, when the global average price of petrol in Africa was $1.29 per liter as opposed to $1.28 currently, fuel prices for Libya, Angola, and Sudan remained the same, while fuel prices for Algeria, Egypt, and Tunisia increased slightly.
In contrast, fuel prices for Nigeria, Ethiopia, Liberia, and the Democratic Republic of Congo came down.
RankCountryFuel priceGlobal rank
1.
Libya
$0.028
2nd
2.
Angola
$0.327
5th
3.
Algeria
$0.354
7th
4.
Egypt
$0.392
8th
5.
Nigeria
$0.540
14th
6.
Sudan
$0.700
20th
7.
Ethiopia
$0.868
32nd
8.
Tunisia
$0.876
33rd
9.
Liberia
$0.906
36th
10.
Democratic Republic of Congo
$1.033
49th (Business Insider Africa)
