By Brian Okoth
Libya, Algeria and Angola have the cheapest petrol in Africa, a new report by the globalpetrolprices.com says.
In Libya, a litre of petrol retails at $0.031, while in Algeria it costs $0.342. In Angola, a litre of the commodity goes for $0.362.
Egypt ($0.362), Sudan ($0.700), Nigeria ($0.722), Tunisia ($0.824), Gabon ($1.002), Liberia ($1.021) and Ghana ($1,033) round out the list of ten African countries with the cheapest petrol.
"As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices," the report, which analysed petrol prices as of January 1, 2024, says.
Same petroleum prices at international market
"The differences in prices across countries are due to the various taxes and subsidies for petrol," the report says, adding that: "All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of petrol is different."
According to the report, the average price of petrol globally is $1.30. This means that at least 23 African countries have petrol prices that are below the global average.
The Central African Republic (CAR), Senegal and Seychelles have the most expensive petrol in Africa. A litre of petrol in CAR retails for $1.852, while in Senegal it is $1.667. In Seychelles, it is $1.595.
Morocco ($1.563), Mauritius ($1.558), Zimbabwe ($1.550), Sierra Leone ($1.524), Burundi ($1.523), Malawi ($1.499) and Ivory Coast ($1.473) are among ten countries in Africa that have the most expensive petrol.
Data of 13 African countries missing
Globalpetrolprices.com did not share data of 13 African countries.
The 13 countries are Somalia, Comoros, Niger, Guinea-Bissau, Equatorial Guinea, Djibouti, Eritrea, Sao Tome and Principe, South Sudan, Chad, Mauritania, Eswatini and The Gambia.
Four African countries have the cheapest petrol globally
Globally, Iran, Libya, Venezuela, Algeria, Kuwait, Angola, Egypt, Turkmenistan, Malaysia, and Bahrain have the cheapest petrol, in that order. A litre of petrol in these countries cost a maximum of $0.530.
Petroleum subsidy protests
Hong Kong, Monaco, Iceland, Denmark, Norway, the Netherlands, Israel, Switzerland, Singapore, and Barbados have the most expensive fuel in the world, in that order. A litre of petrol in these countries goes for at least $2.016.
The report said that the exchange rate plays an important role in determining the price of petrol in the domestic market.
"Oil is traded in US dollars. When the domestic currency depreciates, this makes oil imports more expensive, even if crude oil prices are unchanged. The reverse happens when the local currency appreciates: imported oil products become cheaper and fuel prices decrease," the report says.
Petrol more expensive than diesel
Globalpetrolprices.com noted that "petrol is more expensive than diesel fuel in almost all countries."
"The difference is about 10%, but it varies across countries and over time."
Crude oil prices, exchange rates, season, and refining, marketing and distribution costs are the leading factors for a regular change in the global oil prices, the report says.
Below is the list of African countries' fuel prices – from the cheapest to the most expensive, bar 13 countries:
1. Libya – 0.031 US dollars.
2. Algeria – 0.342
3. Angola – 0.362
4. Egypt – 0.403
5. Sudan – 0.700
6. Nigeria – 0.722
7. Tunisia – 0.824
8. Gabon – 1.002
9. Liberia – 1.021
10. Ghana – 1.033
11. Lesotho – 1.048
12. Namibia – 1.124
13. Swaziland – 1.124
14. Botswana – 1.125
15. Benin – 1.145
16. Zambia – 1.162
17. DR Congo – 1.178
18. Togo – 1.179
19. South Africa – 1.205
20. Cameroon – 1.229
21. Tanzania – 1.252
22. Madagascar – 1.277
23. Rwanda – 1.298
24. Cape Verde – 1.323
25. Mozambique – 1.350
26. Kenya – 1.360
27. Ethiopia – 1.375
28. Guinea – 1.392
29. Burkina Faso – 1.431
30. Uganda – 1.438
31. Mali – 1.458
32. Ivory Coast – 1.473
33. Malawi – 1.499
34. Burundi – 1.523
35. Sierra Leone – 1.524
36. Zimbabwe – 1.550
37. Mauritius – 1.558
38. Morocco – 1.563
39. Seychelles – 1.595
40. Senegal – 1.667
41. Central African Republic – 1.852
