10 African Countries With Highest Petrol Prices in 2022
- Nigeria, an oil-producing country, does not belong to the list of countries in Africa with high petrol prices
- Some countries in Africa which do not produce the commodity rank among those with high oil price
- Nigeria has fixed June 2023 for the removal of petrol prices which will see the price of oil jump in the country
Petrol prices are surging in Africa, caused mostly by the Russia-Ukraine war.
Nigeria witnessed excruciating petrol scarcity in March 2022 after importing bad petrol into the country.
Source: Getty Images
Nigeria National Petroleum Corporation (NNPC) said it ran a shortage as it attempted to clean up the damage.
Despite the price surge in Africa, Nigeria remains exempted from the list of African countries with the highest petrol prices due to heavy subsidies.
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High petrol subsidy plagues Nigeria's energy market
According to the NNPC, Nigeria will spend about N6.7 trillion (16.2 billion) in petrol subsidies next year, a Reuters report said.
There is a growing fear on the continent that petrol costs could grow and have a huge impact on energy costs in Africa.
Business Insider report that fears of cuts in Russian oil also contribute heavily to the rising cost of energy cost in Africa as Russia remains one of the biggest producers of oil in the world.
Currently, oil prices are selling above $100 per barrel, which was last recorded in 2014.
Next June, Nigeria said it removed subsidies from petrol, which has left analysts estimating that a litre of petrol could cost over N400.
Countries with highest energy prices in Africa
Zimbabwe: $2.153. The country's Energy and Power Development Minister, Zhemu Soda, said frequent petrol price hikes were due to developments in the international oil industry.
Seychelles: $1.541. Though not an oil-producing country, Seychelles, some international oil companies are busy prospecting potential oil deposits off its many coasts.
Malawi: It costs $1.426 to buy a litre of petrol. The country is said to have a great prospect of discovering crude oil reserves in Lake Malawi.
South Africa: $1.413. Total Energies said it had made a major discovery of gas condensates in one of its exploration fields.
Uganda: $1.389.
Mauritius: $1.381 per litre. Mauritius is not an oil-producing country.
Burundi: $1.340.
Senegal: $1.299. Senegal found some crude oil deposits between 2014 and 2017. However, the country has been pushed back till 2023.
Lesotho: It costs $1.231 to buy a litre of petrol.
Rwanda: $1.230. Rwanda is not an oil-producing country.
NNPC reveals how much petrol will cost when subsidy is removed next year
Legit.ng reported that According to the NNPC, the average daily importation of fuel between January and August 2022 was 68 million litres which it pays N297 per litre to subsidise.
A statement by the company said the total volume of petrol imported into Nigeria was 16.46 billion litres since January 2022 and translated to a supply of 68 million, a BusinessDay report said.
The company stated that it imported about 22.35 billion litres in 2021, reaching 61 million litres per day.
Source: Legit.ng
