Regarding fuel costs, the world has recently experienced a rollercoaster. The effects of these changes on economies, sectors of the economy, and regular consumers are extensive. Geopolitical tensions, supply and demand dynamics, and other variables can contribute to high gasoline prices, frequently a widespread concern and discussion topic.
Like many other economies worldwide, Africa is struggling with the negative consequences of rising gasoline costs. Fuel prices significantly influence many industries, including transportation, social welfare, economic growth, and inflation. The difficulty of managing growing fuel prices offers a complicated riddle that needs careful analysis and creative solutions as African nations seek sustainable development.
According to recent reports, the high fuel cost has caused discontent in several of the continent’s nations. Due to growing gas prices, countries like Kenya have had a fair number of protests. High gasoline prices also hurt Nigeria, which just ended its costly fuel subsidy program.
While many African countries sell fuel below the global average price of $1.33 per litre, the issue remains that some of these developing economies are not strong enough to withstand the economic ripple effect, and thus selling gasoline at an average price appears to be a prohibitive cost.
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Furthermore, several African countries, ten of which are on the list, sell petroleum at prices higher than the world average. Thirteen African nations sell at or above the world average price.
The ten African nations with the highest fuel prices are shown below. The list is courtesy of GlobalPetrolPrices.com, a platform that updates fuel prices across the globe daily.
| Rank | Country | Fuel price ($)/litre | Global rank |
|---|---|---|---|
| 1. | Central Africa Republic | $1.841 | 27th |
| 2. | Malawi | $1.659 | 41st |
| 3. | Senegal | $1.657 | 44th |
| 4. | Zimbabwe | $1.570 | 49th |
| 5. | Seychelles | $1.547 | 51st |
| 6. | Mauritius | $1,527 | 53rd |
| 7. | Morocco | $1.521 | 55th |
| 8. | Cape Verde | $1.461 | 60th |
| 9. | Mali | $1,449 | 61st |
| 10. | Burkina Faso | $1.423 | 66th |
PS. Globally, fuel is the most expensive in Hong Kong, selling at $3.059 and cheapest in Venezuela, trading at $0.004Â per litre.
