AFRICAN COUNTRIES WITH THE LOWEST COST OF FUEL(TOP 5)
The price of petrol keeps soaring across Africa and the rest of the world. The factor that accounts for this is the scarcity of the commodity. The rising cost of the commodity has been attributed to the invasion of Russia in Ukraine and this war could go on for a long time.
Although there are those lamenting about the cost of fuel, there are others who pay for the commodity at an amazingly cheap cost. We will see some African countries that pay the least amount for the fuel they buy.
WHY VARIATION IN PETROL PRICES
The global price index states that the differences in the price of fuel across the globe are because of the numerous taxes and subsidies that are levied on fuel. The international market makes the prices of petrol the same in all countries. However, these countries impose different taxes or bear costs through subsidy payments.
1 . Firstly, ANGOLA
Angola has remained the only African country that sells its petrol at a low cost. The country is ranked as the first in Africa and third in the world where petrol prices are cheap. The petrol price in Angola is sold at $0.24 per litre.
2 . Secondly, ALGERIA
The country sells its petrol at the price of $0.34 per litre. The country is said to have one of the largest gas reserves, therewith comes as no surprise that it sells its fuel at a very cheap price.
3 . Another country is SUDAN
Petrol price in Sudan sells at $0.41per litre following a hike in prices in the country from $0.35 per litre to its current price. The pricing is on the low side because the Sudanese government together with other macroeconomics experts removed the subsidies on fuel in 2020.
4 . Also, NIGERIA
The Global index tanks Nigeria as the eighth country in the world that sells its fuel at a cheap price. The price of petrol in Nigeria sells for 0.4$ per litre.
5 . Finally, EGYPT
Egypt is said to be the country with the lowest price of gasoline in Eastern Africa. The price of fuel used to be 0.37$ in 2014 till prices changed to 0.54$ in 2022.
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