The average cost of gasoline worldwide is 2103.59 Nigerian Naira per litre, but prices vary greatly among countries. Richer countries generally have higher prices, while poorer countries and those that produce and export oil have significantly lower prices. The United States is an exception, as it is an economically advanced country but has low gas prices.
According to GlobalPetrolPrices.com, a platform that tracks gasoline prices globally, the average price of gasoline around the world is N2103.59 per litre.
Although some countries have prices that are higher or lower than the average, this does not always tell the whole story. For example, some countries with high gasoline prices also have high minimum wages, which allows citizens to afford fuel easily.
Regardless, affordable fuel prices contribute to price stability across many sectors of the economy. Industries, such as agriculture and manufacturing, rely on energy inputs, so higher fuel prices increase the cost of doing business, while lower energy costs reduce it.
Below is a list of the 21 African countries with the lowest fuel prices as of 04-Mar-2024, according to GlobalPetrolPrices.com.
African countries with the cheapest price of fuel in 2024
| Country | Fuel price |
|---|---|
| Libya | $0.031 |
| Algeria | $0.342 |
| Angola | $0.362 |
| Egypt | $0.403 |
| Sudan | $0.700 |
| Nigeria | $0.722 – 668.300 |
| Tunisia | $0.824 |
| Gabon | $1.002 |
| Liberia | $1.021 |
| Ghana | $1.033 |
| Lesotho | $1.665 |
| Swaziland | $1.687 |
| Namibia | $1.706 |
| Botswana | $1.722 |
| Benin | $1.755 |
| Togo | $1.806 |
| DR Congo | $1.817 |
| Tanzania | 1.936 |
| South Africa | $1.984 |
| Cameroon | $2.168 |
| Zambia | $2.239 |
Libya tops the list with a remarkably low price of $0.031 per liter, thanks to their rich oil reserves and government subsidies. Algeria holds the second position with a fuel price of $0.342 per liter, followed by Angola at $0.362 per liter. Sudan ranks fifth with a fuel price of $0.700 per liter, while Nigeria follows at the 22nd spot globally with a fuel price of $0.722 per liter.
Tunisia holds the 27th position globally with a fuel price of $0.824 per liter. Gabon and Liberia follow at $1.002 and $1.021 per liter, respectively. Finally, Ghana secures the 10th position on the list with a fuel price of $1.033 per liter. Despite facing challenges such as corruption and infrastructure issues, Nigeria remains the largest oil producer in Africa.
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