10 African oil-producing countries with the cheapest petrol in December 2024

The high cost of petrol in oil producing countries result from a mix of market forces, policies, and economic factors.

This high cost of petrol, or Premium Motor Spirit (PMS) can be attributed to several economic, political, and structural factors, which vary significantly from one country to another

Each country's situation is unique, shaped by its governance, infrastructure, and approach to managing its resources.

According to the December 2024 Gasoline Price Report published by Global Petrol Prices, the global average price of petrol during the period was $1.24 per litre.

Disparity in global PMS prices

However, significant variations were observed across countries, primarily due to differences in taxes and levies.

The report also highlighted that these price disparities are driven by varying levels of taxes and subsidies applied to gasoline in different regions.

“All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different.”

“As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the US which is an economically advanced country but has low gas prices.” the report stated

As seen from the report, the top oil-producing countries in Africa also presented different petrol prices with some registering high costs while some others recorded low petrol costs.

According to the data, the table below shows the different petrol prices as recorded in different oil-producing countries in Africa;

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