Libya Tops Africa's Cheapest Fuel List at $0.024 a Litre in May 2026

4 articles · Updated · Businessday · May 15

$0.024 per litre put Libya at the top of Africa's lowest-fuel-price list in May 2026, with GlobalPetrolPrices also ranking it the cheapest market worldwide.
Heavy subsidies and vast oil reserves drove the lowest prices, while state-controlled pricing and government intervention kept Angola, Algeria and Egypt among the global top 10.
Angola ranked fourth worldwide at $0.327 a litre, Algeria sixth at $0.355 and Egypt eighth at $0.454, showing how producer states still cushion consumers despite broader cost pressures.
Nigeria placed 22nd globally at $0.935 a litre after partially removing its long-running fuel subsidy, while Ethiopia still made the top 10 African list at $1.067 despite lacking major oil output.
The rankings highlight how a small group of African countries is insulating households from transport and goods-cost inflation even as fuel prices remain a continent-wide concern.

While some Africans enjoy cheap fuel, are these subsidies secretly fueling a deeper food and debt crisis across the continent?

Is Africa's reliance on fuel subsidies a vital lifeline or a dangerous trap preventing its green energy revolution?