Nigeria Adjusts Petrol Prices as List Shows Top 10 African Countries With Highest Fuel Costs
- About 10 African countries witnessed increased petrol prices in July 2024, compared to June
- The adjustment affected the costs of goods and services in Uganda, Kenya and eight other countries, leading to inflation
- Reports say these countries also face energy challenges as the cost of production rises
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Many African countries with the highest fuel prices in June 2024 witnessed a slight rise in fuel costs in July.
Energy expenses impact businesses and customers as higher costs affect the cost of goods and services.
Source: UGC
High energy costs drive inflation
The rapid rise in fuel prices could drive up transport costs, impacting the costs of goods and services as businesses pass their increased operational costs to customers, resulting in inflation.
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!
Manufacturing, logistics, and agriculture largely depend on fuel as they transport products and produce to consumers. These sectors face rising operational costs with high energy prices.
Increased petrol prices can hamper economic growth by lowering investment, decreasing consumer spending, and limiting productivity.
According to data from the Global Petrol Prices platform, about 10 African countries witnessed slight adjustments in fuel prices as of July 15, 2024.
Reports say the global average fuel price is about $1.32 per litre, up from $1.31 recorded in June.
The African countries that recorded the highest fuel prices for July are the same as the lowest in June.
Other than Malawi, Kenya, Sierra Leone, and Zimbabwe, the other six countries had slight adjustments to their fuel prices.
Nigeria missing from the list
Surprisingly, Nigeria, which recently removed subsidy, is missing from the list as calls to reinstate subsidy grow in the country.
Nigeria has also been championing alternative energy sources such as compressed natural gas (CNG) for for commercial and private vehicle owners.
The country recently launched centres for the free conversion of petrol and diesel-powered engines to CNG.
Analysts say the move will reduce transportation and energy costs across the spectrum.
Top 10 countries with the highest fuel prices
- Central Africa Republic: $1.830
- Senegal: $1.646
- Seychelles: $1.595
- Zimbabwe: $1.590
- Morocco: $1.527
- Uganda: 1.475
- Malawi: $1.458
- Ivory Coast: $455
- Kenya: $1.453
- Sierra Leone: $1448
Petrol price rises to N750 per litre
Legit.ng earlier reported that the National Bureau of Statistics has issued its Premium Motor Spirit (PMS) Price Watch report for June 2024, showing that the average pump price of petrol increased to N750 per litre in June.
The report stated that Benue State had the highest petrol price at N864.55 per litre, followed by Jigawa and River states at N847 per litre and N810 per litre, respectively.
The report, however, said that the petrol prices in Lagos, Kwara, and Ogun had the lowest, at N626.94, N650, and N670.63, respectively.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters!
Source: Legit.ng
