In contrast to the global average fuel price of $1.33, several African countries provided fuel at significantly lower costs, shaping the economic dynamics of each nation.
The economic ramifications of fuel prices extend beyond the transportation sector, impacting various industries and influencing the day-to-day lives of residents.
The imperative of maintaining affordable gasoline prices gains heightened importance amidst inevitable price fluctuations.
Africa, grappling with domestic and international socio-economic challenges, witnesses inflationary pressures, especially in essential sectors like food and energy.
Over the past two years, a majority of African countries have faced escalating costs of fundamental necessities, a trend driven by factors such as the lingering effects of the COVID-19 pandemic and the Russia/Ukraine crisis.
Internal complexities, including domestic conflicts, coups, and the specter of climate change, further contribute to the economic instability within the borders of Africa. Against this backdrop, rising fuel prices emerge as a persistent challenge for African nations.
Take Nigeria, for example, a nation already contending with its share of complexities. Under the leadership of newly elected President Bola Tinubu, the country underwent a reform that eliminated fuel subsidies, resulting in a substantial surge in fuel prices.
Throughout the year, few African countries have witnessed a reduction in fuel costs. Despite the prevailing challenges, some nations in Africa continue to maintain fuel prices well below the global average of $1.33.
Here is a snapshot of the top 10 African countries with the most affordable fuel prices in November, based on data from GlobalPetrolPrices:
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1. Libya: $0.031 per liter (Global Rank: 2nd)2. Algeria: $0.343 per liter (Global Rank: 5th)3. Angola: $0.358 per liter (Global Rank: 6th)4. Egypt: $0.404 per liter (Global Rank: 7th)5. Nigeria: $0.764 per liter (Global Rank: 21st)6. Tunisia: $0.813 per liter (Global Rank: 25th)7. Gabon: $0.991 per liter (Global Rank: 37th)8. Liberia: $1.024 per liter (Global Rank: 39th)9. Ghana: $1.056 per liter (Global Rank: 44th)10. Sudan: $1.062 per liter (Global Rank: 46th)
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