Despite Increasing Prices, Nigeria Misses Out on List of African Countries With highest Fuel Cost

• Overpriced petrol has long been a concern that affects the economy, businesses, and daily lives of people
• Because there is insufficient equipment to process the crude oil, a large portion of the continent's oil is exported
• Fuel prices have a direct impact on transportation costs, which raises the cost of products and services

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

In many African nations, excessive fuel prices have long been a problem that has an impact on people's daily lives, businesses, and economy.

Despite the fact that Africa (especially Nigeria, Angola, and Algeria) possesses enormous oil reserves, much of the continent's crude oil is exported since there is not enough equipment for processing it.

Due to the heavy reliance of many African countries on imported refined petroleum, importation and shipping costs have increased, leading to higher prices.

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Consequently, the elevated cost of fuel directly impacts transportation expenses, leading to increased prices for goods and services, particularly in countries where road transportation is the principal mode of transportation.

Moreover, Busineess Insider reported that industries that depend heavily on fuel, such as mining, manufacturing, and agriculture, are directly harmed by rising gasoline prices.

Higher production costs have the potential to reduce profitability and hinder growth, especially for small and medium-sized enterprises (SMEs) that depend on fuel for electricity generation in areas with erratic energy supplies.

In light of this, the top 10 fuel-expensive African nations as of September 2024 has been highlisted. The most recent update to this list, provided by GlobalPetrolPrices.com, was made on September 9, 2024.

The average fuel price worldwide is currently 1.29 USD per liter, down from 1.31 USD per liter the previous month.

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Fuel prices fell on average globally in September, but in Seychelles, Zimbabwe, CAR, Senegal, and Ivory Coast, they went up little from August to September.

Kenya's costs for the month stayed at $1,453, while those of Malawi and Morocco decreased slightly.

In September, Mauritius and Burkina Faso were added to the list of the top 10, while Uganda and Sierra Leone were eliminated.

Dangote Petrol Prices Emerge

Legit.ng reported that the Nigerian National Petroleum Corporation Limited (NNPCL) has started lifting Premium Motor Spirit (PMS), also known as petrol, from Dangote Refinery today, Sunday, 15 September 2024.

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On Saturday, the national oil company announced that at least 300 trucks are stationed at the Lekki, Lagos refinery.

The news has been greeted with excitement by Nigerians who hope that development will mean cheaper petrol prices at filling stations. This seems to have been granted.

Source: Legit.ng