Ghanaian’s are currently not happy about the quick increase in fuel prices in the country.Whenever there is an increment it affect the prices of commodity which both directly and indirectly after the prices of commodity.
Neighboring country like Nigeria has a huge surge in petrol prices and some parts are experiencing scarcity of petrol in the country.
According to DW, fears of possible cuts to Russian crude is yet another factor that has influenced rising energy costs around the world. As you may well know, Russia is one of the world’s top producers of crude. If the US or EU countries decide to extend Russia’s mounting economic sanctions by banning its oil, this would definitely portend catastrophe to the global energy industry.
Already, global oil prices have surpassed the $100 per barrel mark, which was last recorded in 2014. The commodity is currently trading at $102.6 per barrel, according to benchmark price Brent Crude.
Below is a list that countryghana captured from Global Petrol Prices showing the top 10 African countries with the highest petrol prices as of March 2022, according to data made available by Global Petrol Prices.
- Zimbabwe: This Southern African country has the highest petrol cost in Africa. A litre of petrol costs as much as $2.153. Earlier this month, the country’s Energy and Power Development Minister, Zhemu Soda, explained that frequent petrol price hikes were driven by developments in the international oil industry. Zimbabwe is not an oil producer, although there were conflicting reports about crude oil discovery in Northern Zimbabwe in 2018.
- Seychelles: This island country has the second most expensive fuel price in Africa, according to data. A litre of petrol in this country is sold for $1.541. The country does not currently produce any oil and gas, although some international oil companies are busy prospecting potential oil deposits off its many coasts.
- Malawi: Malawi follows with $1.426 for a litre of petrol. The country is said to have a great prospect of discovering crude oil reserves in Lake Malawi.
- South Africa: Here, a litre of petrol costs $1.413. In 2019, Total Energies announced that it had made a major discovery of gas condensates in one of its exploration fields in South Africa. Experts said this could significantly improve the country’s fortunes.
- Uganda: In this country, a litre of petrol costs $1.389. The high cost of petrol in Uganda is despite the fact that the country actually produces oil. Checks by Business Insider Africa show that the country’s crude oil reserves, as of 2021, stood at 2.5 billion barrels.
- Mauritius: This country has the sixth most expensive petrol price in Africa at $1.381 per litre. Mauritius currently does not produce oil, although experts say there are prospects.
- Burundi: In this East African country, a litre of petrol costs $1.340. According to the United Nations Environmental Programme, this country currently does not have any local sources of crude oil or natural gas.
- Senegal: In this Francophone West African country, it costs $1.299 to buy a litre of petrol. The country discovered some crude oil deposits between 2014 and 2017, although full-scale exploration has been pushed back till 2023.
- Lesotho: In this country, it costs $1.231 to buy a litre of petrol. The country does not have any confirmed oil deposits.
- Rwanda: Here, a litre of petrol costs $1.230. This East African country does not produce crude oil.