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Insight & Analysis - Uncategorized - March 23, 2022

These 10 African Countries have the Highest Petrol Prices

Despite the recent price hike in Africa, Nigeria is not among the African countries with the highest per-litre prices.

Recently, most African countries have experienced a sharp increase in petrol prices as global oil prices have topped $100 per barrel, a level not seen since 2014.

According to the benchmark price Brent Crude, the commodity is currently trading at $102.6 a barrel.  

Nigeria, Africa’s largest economy, has been experiencing fuel scarcity for nearly a month. 

Nigeria’s fuel shortage began after the country mistakenly imported contaminated petrol. Efforts by the state-owned energy firm, NNPC, to remove the contaminated fuel from the market eventually resulted in a scarcity. 

Interestingly, Nigeria is not among the African countries with the highest per-litre prices despite the recent price hike. This is due to the Nigerian government’s heavy subsidisation of the commodity.

The ongoing Russian invasion of Ukraine has also been blamed for the rising cost of gasoline in Sub-Saharan Africa.

There are concerns that as the violence worsens, it will have an even greater negative impact on African countries facing fuel crises.

Here are the 10 African countries that have the highest petrol prices.

Zimbabwe

The cost of gasoline in this Southern African country is the highest on the continent. A litre of gas can cost up to $2.153. 

Zhemu Soda, the country’s Energy and Power Development Minister, claimed earlier this month that changes in the international oil business caused regular gasoline price spikes. 

Although there were conflicting rumours of crude oil discoveries in Northern Zimbabwe in 2018, Zimbabwe is not an oil producer.

Seychelles

According to data, this island country has the second most expensive fuel price in Africa. 

A litre of gasoline in the country costs $1.541. Although some multinational oil corporations are prospecting for oil resources of Seychelles’ many shores, the country does not currently produce any oil or gas.

Malawi

A gallon of gasoline in Malawi costs $1.426. According to reports, the government has a good chance of locating crude oil reserves in Lake Malawi. 

However, finding oil in a disputed portion of the lake has exacerbated the problem.

South Africa

A litre of gasoline costs $1.413. Total Energies stated in 2019 that it had discovered a significant amount of gas condensates in one of its exploration areas in South Africa. 

According to experts, this has the potential to enhance the country’s prospects drastically.

Uganda

A litre of gasoline in this Uganda costs $1.389. Even though Uganda produces oil, the country’s petrol prices are quite high. Uganda’s crude oil reserves were 2.5 billion barrels as of 2021.

Senegal

A litre of gasoline costs $1.299 in this Francophone West African country. Between 2014 and 2017, Senegal identified some crude oil resources, although full-scale exploration has been postponed until 2023. 

Senegal is ranked 105th in the world in terms of oil consumption, consuming around 0.1 per cent of the global total of 97,103,871 barrels per day.

Burundi

A litre of petrol costs $1.340 in this East African country. Burundi has no native crude oil or natural gas supplies, nor does it have oil refining facilities. 

As a result, all refined oil products are imported from Kenya and Tanzania. Every day, over 3,000 barrels of oil are imported into the country.

READ MORE: 5 African Countries with the Least Oil Reserves

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