10 Oil-producing African Countries With Cheapest Petrol In December 2024

The high cost of petrol in oil-producing countries is the result of a combination of market forces, policies, and economic factors. This elevated cost of petrol, or Premium Motor Spirit PMS, can be attributed to a range of economic, political, and structural factors that differ significantly from one country to another. Each nations situation is unique, shaped by its governance, infrastructure, and resource management strategies.

According to the December 2024 Gasoline Price Report published by Global Petrol Prices , the global average price of petrol during this period was 1.24 per litre.

However, substantial variations were noted across countries, largely due to differences in taxes and levies.

The report further explained that these price discrepancies are driven by the varying levels of taxes and subsidies imposed on gasoline in different regions.