See the top 10 African countries with the highest fuel prices in 2024 so far
Rising fuel costs have an immediate impact on all other expenses, thereby exerting pressure on the prices of goods and services.
Consequently, this surge can fuel inflation as businesses transfer elevated operational costs to consumers.
As a result, regulating energy prices has emerged as a paramount concern for numerous governments.
Particularly in certain African nations where gasoline serves dual purposes in transportation and power generation.
In Ghana for instance, the Institute for Energy Security (IES) predicted a marginal increase in the price of petrol, diesel and Liquefied Petroleum Gas (LPG) in the first pricing window of March 2024.
The second pricing window of February saw the price of petroleum products surge at the pumps in line with projections on the local fuels market.
The IES tracking of Oil Marketing Companies (OMCs) activities revealed that liquid fuel prices went up at an average of GH¢0.45 for diesel and GH¢0.30 for petrol per litre. LPG also increased by GH¢0.65 per kilogramme.
According to the energy think tank, this is largely due to the worsened Ghana cedi.
“Following the continuous price hikes recorded by all refined petroleum products under consideration on the world fuels market in the past two weeks, the local market will likely reflect these changes. Given the Ghana cedi’s poor performance, coupled with the rising prices of petroleum products on the world fuels market, IES expects prices to increase marginally in the early days of March [2024]”.
Moreover, sectors heavily dependent on transportation, such as logistics, manufacturing, and agriculture, may encounter heightened operational expenses.
This, in turn, may translate into diminished profit margins, potential workforce reductions, or heightened prices for their offering.
With that said, below are the top 10 African countries with the most expensive fuel prices at the start of 2024.
This list is courtesy of GlobalPetrolPrices.com and was last updated on February 26, 2024.
The average price of gasoline around the world is U.S. Dollars 1.31 per litre.
10 African countries with the highest fuel prices in March, compared to January.
| Africa rank | Country | Fuel price (March) | Global rank | Fuel price (January) | Global rank (January) |
|---|---|---|---|---|---|
| 1. | Central Africa Republic | $1.821 | 26th | $1.835 | 23rd |
| 2. | Zimbabwe | $1.640 | 40th | $1.550 | 47th |
| 3. | Senegal | $1.640 | 41st | $1.654 | 35th |
| 4. | Morocco | $1.536 | 49th | $1.561 | 46th |
| 5. | Seychelles | $1.530 | 50th | $1.602 | 42nd |
| 6. | Sierra Leone | $1.524 | 51st | $1.524 | 50th |
| 7. | Burundi | $1.518 | 53rd | $1.522 | 51st |
| 8. | Malawi | $1.503 | 54th | $1.503 | 53rd |
| 9. | Zambia | $1.474 | 58th | – | – |
| 10. | Ivory Coast | $1.450 | 63rd | $1.462 | 58th |