• Thursday, February 29, 2024
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BusinessDay

10 African countries where fuel prices currently bite hardest

Across African countries, a surge in fuel prices adds another layer of complexity to a continent already grappling with significant fiscal challenges. Inflation, particularly in food and energy, has been a thorn in the side of many nations, including the continent’s economic powerhouses.

As transportation expenses balloon, high fuel prices are a potent catalyst for broader inflation. Feeling the pinch of heightened operational costs, businesses often pass these burdens on to consumers, further entrenching inflationary pressures. Regulating energy prices, therefore, has become a crucial concern for policymakers.

The impact extends beyond just transport costs. In countries where gasoline plays a dual role in powering vehicles and generators, rising fuel prices inflict a harsh double-whammy on households. Industries heavily reliant on transportation, be it logistics, manufacturing, or agriculture, are equally vulnerable, facing shrinking profit margins, potential job losses, or price hikes for their products and services.

The consequences of high fuel costs are stark, prompting many African nations to strive for a more resilient economic landscape where energy affordability becomes paramount. Where that’s not achievable, actively moderating fuel prices takes centre stage.

According to the latest data from GlobalPetrolPrices.com (as of January 8, 2024), here are the top 10 African countries bearing the brunt of high fuel costs, showcasing a remarkable degree of continuity since November 2023:

1. Central African Republic: $1.835 per liter
2. Senegal: $1.654 per liter
3. Seychelles: $1.602 per liter
4. Morocco: $1.561 per liter
5. Zimbabwe: $1.550 per liter
6. Mauritius: $1.536 per liter
7. Sierra Leone: $1.524 per liter
8. Burundi: $1.522 per liter
9. Malawi: $1.503 per liter
10. Ivory Coast: $1.462 per liter