New Report Ranks Nigeria among 10 African Countries with Cheapest Petrol Prices in 2024

• About 10 countries in Africa have been ranked as having low petrol prices going into 2024
• Libya leads the pack with the lowest price of the product on the continent due to its vast oil resources
• Nigeria is sixth on the log despite purportedly removing subsidies from products in 2023

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

On average, a litre of petrol costs about $1.30, but this might vary between countries.

According to GloblPetrolPrices, richer countries have higher prices, while poorer and oil-producing countries have significantly lower prices.

Petrol prices differ from countries depending on taxes and levies

The report said the differences between countries are mainly due to different taxes and subsidies. All the countries have access to the exact international pricing but might levy taxes on petrol consumption, driving the retail cost lower or higher.

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Per the report, here are the top 10 African countries with the lowest fuel prices at the beginning of 2024.

Libya

Libya is one of Africa's top oil-producing countries but has a surprisingly low fuel price of $0.31 per litre. The development is due to the country's vast oil reserves and government subsidies, which makes it the world's second-cheapest country to buy petrol after Iran.

Algeria

The country pegs its petrol price at $0.34 per litre. Algeria is also a significant exporter of crude and a major player in the global oil and gas market, which allows it to maintain low prices.

Angola

The world's sixth-largest oil-producing country sells petrol at $0.362 per litre. It is an essential oil exporter and maintains relatively low prices due to its production capabilities.

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Egypt

The North African giant sells petrol at $0.403 per litre and is the seventh country with the cheapest petrol prices in the world.

Reports say the country has a diverse energy mix, including natural gas and petroleum, which adds to its ability to maintain low petrol prices.

Sudan

Sudan is ranked fifth on the continent with a petrol price of $0.700 per litre. It has managed to maintain low petrol prices despite its economic and political challenges.

Nigeria

The continent's largest oil producer ranks 22nd globally with a petrol price of $.0722 per litre. Nigeria reportedly faces challenges in maintaining low petrol prices on the local market after it removed subsidies for the product last year.

Tunisia

Ranked 27th globally with a petrol price of $0.824 per liter, Tunisia benefits from a diverse economy and strategic geographical location, contributing to its ability to maintain reasonable petrol prices.

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Gabon

Gabon occupies the 8th spot in Africa despite having a slightly higher petrol price at $1.002 per litre.

Liberia

Despite infrastructure challenges, the West African country sells petrol at $1.021 per litre. The country keeps petrol prices low to support economic activities and transportation.

Ghana

Ghana is closing the top 10 list with a fuel price of $1.033 per liter. Ghana has seen steady economic growth, and its efforts in diversifying its energy sources contribute to maintaining affordable fuel prices for its citizens.

"Full List": 7 major marketers get approval to sell Dangote fuel

Legit.ng reported that about seven major oil marketers in Nigeria have registered with the Dangote Petroleum Refinery to lift and distribute refined petroleum products from the plant.

Dealers under the auspices of the Major Oil Marketers Association of Nigeria (MOMAN) confirmed on Sunday, January 14, 2024, that with the registration, they would begin the distribution of fuel produced at the plant once the commercial terms are finalized.

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The development comes as the refinery reportedly sought the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) approval to hit the market with diesel and aviation fuel anytime this month.

Source: Legit.ng