The cost of diesel has a significant impact on various sectors, including transportation and agriculture, in African countries. As a result, the prices of diesel can greatly influence the trajectory of an economy. In a recent report, GlobalPetrolPrices has revealed the top 10 African countries with the lowest cost of diesel at the end of 2024, with Libya taking the top spot.
According to the report, Libya has the lowest diesel price at $0.031 per liter, ranking 3rd globally. Algeria and Angola follow closely, with prices of $0.217 and $0.219 per liter, respectively. Egypt, Sudan, Tunisia, Ethiopia, Gabon, Liberia, and Nigeria complete the list of the top 10 African countries with the lowest diesel prices.
The prices of diesel have a significant impact on the economy, particularly in sectors such as manufacturing and agriculture, where diesel is used to run machinery, transport goods, and power industrial processes. Lower diesel prices can provide a financial boost that spreads across the economy, reducing total living expenses. Affordable diesel prices also help prevent inflation by keeping transportation, electricity, and food expenditures under control.
The global average price of diesel currently stands at $1.17 per liter, unchanged from the previous month. While some countries, such as Egypt, Tunisia, Ethiopia, and Gabon, experienced a decrease in diesel prices in December, Nigeria was the only country on the list to see an increase. Libya, Algeria, Angola, and Sudan maintained the same prices as the previous month, with Liberia replacing Ghana on the list.
The report highlights the importance of diesel prices in shaping the economy and the need for African countries to explore alternative energy sources to reduce their reliance on diesel fuel. As the cost of diesel continues to impact various sectors, it is essential for governments and businesses to monitor and adapt to changes in diesel prices to ensure sustainable economic growth.
In conclusion, the list of African countries with the lowest diesel prices in 2024 provides valuable insights into the energy landscape of the continent. As the global economy continues to evolve, it is crucial for African countries to prioritize energy diversification and sustainability to drive economic growth and development.