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However, there is substantial difference in these prices among countries.
According to GlobalPetrolPrices.com, a platform that tracks the prices of gasoline globally, the average price of gasoline around the world is 1.30 U.S. Dollar per liter.
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 U.S. which is an economically advanced country but has low gas prices. The differences in prices across countries are due to the various taxes and subsidies for gasoline.
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.
Below is top 10 African countries with the cheapest fuel prices at the start of 2024;
| Rank | Country | Fuel price | Global rank |
|---|---|---|---|
| 1. | Libya | $0.031 | 2nd |
| 2. | Algeria | $0.342 | 4th |
| 3. | Angola | $0.362 | 6th |
| 4. | Egypt | $0.403 | 7th |
| 5. | Sudan | $0.700 | 20th |
| 6. | Nigeria | $0.722 | 22nd |
| 7. | Tunisia | $0.824 | 27th |
| 8. | Gabon | $1.002 | 39th |
| 9. | Liberia | $1.021 | 41st |
| 10. | Ghana | $1.033 | 44th |