Today let take a look around and see what are the top 10 African countries with the highest price of fuel in 2024, Ranked by Global Petrol prices. You may wonder why we MDS Consultancy brought you such a topic well, Petrol in Africa is still a dominant source of energy and any international shock to petrol always harm every Economy in Africa and if it happens it comes directly on our plates then we pay such price, as promised to our followers we always brought you most trending stories, especially in economics, finance, and other related Business and sometimes suggest advice of how can we behave in the situation.

The report is very accurate, the Global Petrol Prices uses at least three independent sources for each country including the Ministries of Energy, Transport, or Commerce; fuel price transparency mechanisms; local automobile associations; consumer advocacy groups; international fuel companies; local petroleum monopolies; multilateral organizations; and the local media.

The data is collected weekly in the local currency but converted into US dollars just to have a common currency. These prices are collected on fuel types like Gasoline octane Number 95, Regular non-premium diesel, LPG, Kerosene, Heating oil, Ethanol, and Methane. The unit of measure is the Price Per Liter of every fuel. The data are national-wide, regional, etc but in this Article, we only talk about the combination of all types of fuel into one and then give an average.

What Causes Fuel Prices to Fluctuate?

Considering fuel as a commodity, its price is more volatile than fixed investments such as stocks and bonds. Oil prices are affected by many factors. OPEC, the Organization of the Petroleum Exporting Countries, is primarily responsible for changes in oil prices. As of 2021, OPEC is an organization consisting of 13 countries: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela. According to 2018 statistics, OPEC controls approximately 80% of the world's oil reserves. The agency sets production levels to meet global demand and can influence oil and gas prices by increasing or decreasing production. OPEC had promised before 2014 to keep oil prices above $100 per barrel for the foreseeable future, but in the middle of that year, oil prices began to fall. It fell from a high of over $100 per barrel to below $50 per barrel. In this case, the main reason for cheap oil is OPEC because it refuses to cut oil production, causing prices to fall.

The Global Petrol Price on April 22, 2024: The average price of gasoline worldwide is $1.34 per liter. However, these prices vary from country to country. Generally speaking, prices are higher in rich countries, while prices are lower in poor countries and oil-producing and exporting countries. A notable exception is the United States, which is a developing country but has lower costs. Price differences across the country are due to various taxes and subsidies applied to gasoline. Each country may receive the same international market price for oil but then decide to tax it differently. For this reason, the sales price of gasoline varies. Read our fuel price guide to find out how fuel prices vary by country and time of day. Use the menu to view prices in gallons. The value of the country marked * on the map is updated every week. Prices in other countries are updated monthly because these countries control the oil market and prices do not change very often.

Table 1: List of top 10 African countries with the highest price of Fuel, 2024 Ranked by GPP

Rank Country Fuel price Global rank    

1. Central Africa Republic $1.789 33rd
2. Zimbabwe $1.690 41st
3. Senegal $1.610 48th
4. Seychelles $1.568 50th
5. Sierra Leone $1.524 53rd
6. Morocco $1.523 54th
7. Burundi $1.513 56th
8. Kenya $1.499 58th
9. Uganda $1.459 66th
10. Malawi $1.453 67th
    

In conclusion, fuel prices in Africa can vary significantly from country to country and are influenced by a range of factors including economic conditions, currency fluctuations, import dependencies, taxation policies, and global oil market dynamics. Countries like Central African Republic, Zimbabwe, Senegal, Seychelles, Sierra Leone, Malawi, Burundi, Kenya, Morocco, and Uganda have experienced periods of relatively high fuel prices, but these rankings can change over time based on various internal and external factors. For the most accurate and current information on fuel prices in Africa, it's advisable to consult Global Petrol Prices.

Author: Donald Masimbi