Petrol prices vary from country to country in Africa and depend on several factors, such as taxes and subsidies imposed by the government on petrol consumption.
Oil-producing countries significantly have lower petrol prices across the continent compared to the non-producing oil countries.
Generally, African countries, despite being classified as developing countries, have some of the lowest petrol prices compared to some of the developed economies in the world.
Total oil supply in Africa in 2022 accounted for 5% of the global share and has been in an upward trend, according to the International Energy Agency (IEA).
Petrol supply in Africa poses significant economic challenges stemming from government policies, which at some point contribute to heavy prices on basic commodities. This is as a result of multiple taxes, especially from the oil-importing countries.
Libya has the lowest petrol prices in Africa and is second in the world after Iran. Angola and Algeria, and Egypt follows subsequently in that order. Both countries produce oil—significantly contributing to their economic growth.
