As Nigeria grapples with its latest shortage of Premium Motor Spirit, also known as petrol, the resulting price surge has exacerbated the hardship faced by millions already struggling with the cost-of-living crisis.
Surprisingly, Nigeria is not listed among the top 10 African countries with the highest fuel prices in July 2024.
The Central African Republic held the top spot with a fuel price of $1.830, ranking 27th globally.
Senegal followed in second place with a fuel price of $1.646, placing it 43rd in the world, while Seychelles, with a fuel price of $1.595, ranks 48th globally.
Most African countries that had the highest fuel prices in June experienced a slight increase in fuel costs in July.
Lower energy expenses are beneficial to businesses and their customers; hence, the lower the cost, the better. Conversely, higher prices are more damaging.
The rapid increase in fuel prices directly drives up transportation costs, affecting the cost of goods and services.
As businesses pass on their increased operational costs to customers, this can lead to inflation.
Industries heavily reliant on transportation, such as manufacturing, logistics, and agriculture, are particularly vulnerable to rising operational costs due to higher fuel prices.
Ultimately, increased gasoline prices can hinder economic growth by reducing investment, decreasing consumer spending, and limiting productivity.
Here are the 10 African countries with the highest fuel prices in July 2024.
This list, provided by GlobalPetrolPrices.com, was last updated on July 15, 2024.
The global average price for fuel is currently 1.32 US dollars per liter, up from 1.31 US dollars per liter last month.
The top 10 African countries with the highest fuel prices in July are the same as in June, with some changes in their rankings.
Aside from Malawi, Kenya, and Sierra Leone, which saw slight reductions in fuel costs, and Zimbabwe, whose fuel price remained unchanged, all other African countries on the list experienced an increase in fuel prices over the past month.
Top 10 African countries with the highest fuel prices in July 2024:
1. Central African Republic, fuel price – $1.830, 27th globally
2. Senegal, fuel price – $1.646, 43rd globally
3. Seychelles, fuel price – $1.595, 48th globally
4. Zimbabwe, fuel price – $1.590, 49th globally
5. Morocco, fuel price – $1.527, 51st globally
6. Uganda, fuel price – $1.475, 57th globally
7. Malawi, fuel price – $1.458, 61st globally
8. Ivory Coast, fuel price – $1.455, 62nd globally
9. Kenya, fuel price – $1.453, 63rd globally
10. Sierra Leone, fuel price – $1.448, 66th globally
