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Despite Dangote reducing the price of diesel, Nigeria is missing from the list of countries with the cheapest fuel

Despite Dangote reducing the price of diesel, Nigeria is missing from the list of countries with the cheapest fuel

  • Diesel serves as the primary power source for a wide variety of machines, including generators that produce electricity
  • Excessive diesel costs are a major obstacle to the progress of many African countries
  • A new report from GlobalPetrolPrices shows that in Africa, the countries where diesel is sold the cheapest are particularly those where diesel is sold the cheapest.

Reliable journalist Zainab Iwayemi has over 3 years of experience reporting on economics, technology and capital markets.

Diesel is the primary energy source for many different types of machinery, including electricity producing generators, in several African countries.

Nigeria is missing from the list of countries where fuel is cheapest
A new report compiles the list of African countries that can get the cheapest diesel. Photo credit: Petri Oeschger, Deepblue4you
Source: Getty Images

High diesel prices can be a major obstacle to the development of many African countries, especially as it is difficult for ordinary citizens to afford this liquid fuel.

If there are few alternatives to diesel engines and the economy is heavily dependent on diesel, high diesel costs can also cause problems.

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Higher costs for fuel also result in higher transportation costs, making the process of getting goods from producers to consumers more expensive. This could make poverty and hunger worse by driving up the price of the aforementioned goods.

The main industries in Africa affected by high diesel prices are agriculture, industry, manufacturing and services (in countries with inadequate electrical infrastructure).

That said, GlobalPetrolPrices lists the ten African countries where fuel prices are the highest. The average price of diesel worldwide was $1.23 per liter on June 24, 2024, when the list was last updated.

Billionaire.africa compiled the list of African countries to get the cheapest diesel.

To land Diesel price
1. Central-African Republic $2,208
2. Zimbabwe $1,610
3. Malawi $1,578
4. Sierra Leone $1,524
5. Seychelles $1,520
6. Mozambique $1,428
7. Guinea $1,396
8. To go $1,388
9. Ethiopia $1,386
10. Uganda $1,368

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Dangote changes diesel price

Legit.ng reported that the Dangote Petroleum refinery has increased the price of diesel from N940 per liter to N1,100 following the decline in the value of the naira against the US dollar.

On April 17, 2024, the refinery reduced the price of the product from N1,200 per liter to N1,000, following marketers’ call for a price reduction.

On April 24, 2024, the refinery reduced diesel and jet fuel prices to N940 per liter and N980 respectively.

Source: Legit.ng