Across Africa, petrol prices are soaring. This problem has worsened by several factors, including the increasing scarcity of the commodity.
In Nigeria, petrol has been scarce for about a month now. Some experts have said, the case in Nigeria started after the country inadvertently imported adulterated fuel.
Efforts by the country’s state-owned energy company (the NNPC) to clean up the contaminated product from the market inevitably resulted in a shortage. Since then, it is alleged that marketers have been hoarding and profiteering.
Despite the recent price surge in Nigeria, the country is not making it to the list of African countries with the highest fuel prices in Africa, perhaps this is because the Nigerian Government heavily subsidizes the commodity.
The rising cost of petrol in Sub-Saharan Africa has also been attributed to the ongoing Russian invasion of Ukraine. There are fears that as the conflict continues to escalate, it could have an even more negative impact on energy costs in Africa.
Already, global oil prices have surpassed the $100 per barrel mark, which was last recorded in 2014. The commodity is currently trading at $102.6 per barrel, according to benchmark price Brent Crude.
Below is a list showing the top10 African countries with the highest petrol prices as of March 2022, according to data from Global Petrol Prices
- Zimbabwe: This Southern African country has the highest petrol cost in Africa. A litre of petrol costs as much as $2.153. Zimbabwe is not an oil producer, although there were conflicting reports about crude oil discovery in Northern Zimbabwe in 2018.
- Seychelles: This island country has the second most expensive fuel price in Africa, according to data. A litre of petrol in this country is sold for $1.541. The country does not currently produce any oil and gas.
- Malawi: Malawi follows with $1.426 for a litre of petrol. The country is said to have a great prospect of discovering crude oil reserves in Lake Malawi.
- South Africa: Here, a litre of petrol costs $1.413. In 2019, Total Energies announced it had made a major discovery of gas condensates in one of its exploration fields in South Africa.
- Uganda: A litre of petrol costs $1.389. The high cost of petrol in Uganda is although the country actually produces oil. Checks by Business Insider Africa show that the country’s crude oil reserves, as of 2021, stood at 2.5 billion barrels.
- Mauritius: This country has the sixth most expensive petrol price in Africa at $1.381 per litre. Mauritius currently does not produce oil, although experts say there are prospects.
- Burundi: In this East African country, a litre of petrol costs $1.340. According to the United Nations Environmental Programme, this country currently does not have any local sources of crude oil or natural gas.
- Senegal: In this Francophone West African country, it costs $1.299 to buy a litre of petrol. The country discovered some crude oil deposits between 2014 and 2017, although full-scale exploration has been pushed back till 2023.
- Lesotho: It costs $1.231 to buy a litre of petrol. The country does not have any confirmed oil deposits.
- Rwanda: Here, a litre of petrol costs $1.230. This East African country does not produce crude oil.
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It’s important to note that another factor responsible for rising energy costs in Africa is the fact that virtually all of Africa’s leading oil-producing countries have failed at developing the capacity to refine the product locally.