A significant increase has hit the prices of fuel across the globe, especially in Nigeria following the removal fuel subsidy, which marked the beginning of the Bola Tinubu era in 2023.
Since then, Nigerians have experienced a surge in the price of petroleum motor spirit from about N198/N200 per liter to over N1300 per liter.
High fuel costs results to increased transportation expenses, which affects the prices of goods and services. This, in turn, can lead to inflation as businesses pass on increasing operational expenses to customers.
Most of the continent’s regions, including its major economies, had significant budgetary issues this year. Food and energy prices were among the most pressing issues.
Rising fuel prices are putting a strain on households in several African countries where petrol is used not only for transportation but also for electricity generation.
Furthermore, industries that rely largely on fuel for transportation, logistics, manufacturing, and agriculture, may incur greater operational costs. This can result in lower profit margins, possibly job losses, or higher prices for their products and services.
With the severe implications of excessive fuel costs, many countries strive to develop an economy in which its people can easily afford fuel, and if that is not possible, these countries must struggle to keep their fuel prices moderate or at a low price.
With that said, these are the top ten African countries with the highest fuel prices per liter at the beginning of 2024. This list is courtesy of GlobalPetrolPrices.com and was last updated on January 8, 2024.
Surprisingly, Nigerian is not among the top 10 countries in Africa with the highest prices of fuel.
1. Central Africa Republic – $1.835
2. Senegal – $1.654
3. Seychelles – $1.602
4. Morocco – $1.561
5. Zimbabwe – $1.550
6. Mauritius – $1.536
7. Sierra Leone – $1.524
8. Burundi – $1.522
9. Malawi – $1.503
10. Ivory Coast – $1.462
