In a welcome respite for African economies, a new report reveals the top 10 African countries with the lowest fuel prices in October 2024. The list, courtesy of GlobalPetrolPrices.com, highlights countries that have managed to keep fuel costs affordable, despite global challenges.

Libya takes the top spot with a fuel price of $0.031 per liter, followed closely by Angola, Algeria, and Egypt. Other countries on the list include Nigeria, Sudan, Ethiopia, Tunisia, Liberia, and Ghana.

This news is significant for startups and entrepreneurs in Africa, as lower fuel prices can lead to a lower cost of living, reduced economic hardships, and increased competitiveness. Governments in these countries have implemented various strategies to keep fuel prices low, including subsidies, price restrictions, and leveraging natural resource availability.

The report also underscores the importance of well-established infrastructure and bilateral energy agreements in maintaining affordable fuel prices. As the global average fuel price continues to fluctuate, these African countries are providing a beacon of hope for economic stability and growth.