Nigeria Escapes List of African Countries With Highest Petrol Prices as New Ranking Emerges

• African countries have to put up with increasing oil import prices as a result of OPEC regulations
• According to OPEC estimates, government taxes are another factor contributing to the rising cost of petroleum
• A new report has identified Central Africa Republic, Senegal and others as top countries with the highest fuel cost across Africa

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

The price of crude oil globally is one of the primary determinants of fuel prices. Due to OPEC regulations, supply disruptions, geopolitical events, and shifts in global demand, African countries must endure higher oil import prices.

Government taxes, notably those of major oil-consuming countries, are another factor that OPEC reports attribute to the rising cost of petroleum. Increased fuel prices must, therefore, be borne mostly by sectors like transportation, which typically affect regular consumers.

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Full list: New ranking for Nigeria in List of 10 African countries with lowest fuel prices

Fuel price increases could also result in higher operating expenses for transportation-dependent industries including manufacturing, logistics, and agriculture.

By restricting investment, consumer spending, and productivity, rising gas costs can impede economic growth.

The average price of petrol is currently $1.27 per liter worldwide, down from 1.29 USD per liter the previous month.

According to GlobalPetrolPrices.com, which last updated its index on October 14, 2024, these 10 African nations had the highest fuel costs in October 2024.

Central Africa Republic - $1.828

Consumers in Central African Republic paid the highest price for gasoline in Africa as of October 2024. One liter of the fuel cost on average $1.828 dollars in the country.

Senegal - $1.654

Senegal is the second on the list of African countries with highest petrol prices. For comparison, the average price of gasoline in the world for this period is $1.19 while that of Senagal is $1.654

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Seychelles - $1.500

Seychelles is third on the list of African countries with highest petrol price. The average price of gasoline in the world for this period is $1.19 compared to $1.500 in Seychelles.

Zimbabwe - $1.490

The next on the list is Zimbabwe. The current gasoline price in Zimbabwe is ZWD 1,490.00 per liter or $1.49 per liter and was updated on 21-Oct-2024. For comparison, the average price of gasoline in the world is USD 1.19 per liter.

Ivory Coast - $1.462

The current gasoline price in the Ivory Coast is XOF 875.00 per liter or $1.45 per liter and was updated on 21-Oct-2024 compared to the average price of gasoline in the world at USD 1.19 per liter.

Malawi - $1.458

The current gasoline price in Malawi is MWK 2,530.00 per liter or $1.46 per liter and was updated on 21-Oct-2024 compared to the average price of gasoline in the world at $1.19 per liter.

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Mauritius - $1.430

The current gasoline price in Mauritius is MUR 66.20 per liter or $1.44 per liter and was updated on 21-Oct-2024 compared to the average price of gasoline in the world at $1.19 per liter.

Sierra Leone - $1.423

The current gasoline price in Sierra Leone is SLL 27,300.00 per liter or $1.39 per liter and was updated on 21-Oct-2024 compared to the average price of gasoline in the world at $1.19 per liter.

Burkina Faso - $1.420

The price of octane-95 gasoline is 800 CFA Franc (west) per liter. For comparison, the average price of gasoline in the world for this period is 763.72 CFA Franc (west).

Mali - $1.420

The current gasoline price in Burkina Faso is XOF 850.00 per liter or USD 1.41 per liter and was updated on 21-Oct-2024 compared to the average price of gasoline in the world at USD 1.19 per liter.

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Marketer warns Nigerians to prepare for further petrol price hikes

Legit.ng reported that Rainoil Ltd's Group Managing Director, Gabriel Ogbechie, has cautioned Nigerians to brace for full market rates on petroleum products as the federal government fully deregulates the downstream sector.

Ogbechie shared this view during a live interview on Channels Television’s Business Morning show.

Ogbechie's comments come amid a significant hike in Premium Motor Spirit (PMS) prices, which have surged from N175 per litre on May 29, 2023, to N1,300 per litre.

Source: Legit.ng