Libya Sells Cheapest Petrol in Africa at N52 Per Litre as Nigeria’s Fuel Goes Above N950
Libya now boasts the lowest petrol prices in Africa, selling Premium Motor Spirit (PMS) at just ₦52 ($0.031) per litre, according to data from Global Petrol Prices, a platform that tracks fuel costs globally. This places Libya as the second most affordable country for petrol in the world, trailing only Iran, where fuel is priced at $0.029 per litre.
Libya leads the continent in offering the cheapest petrol, followed by Egypt, Algeria, and Angola. In stark contrast, Nigerians are paying significantly more, with petrol prices exceeding ₦950 per litre and in some areas climbing as high as ₦1,100. On the black market, prices can surge up to ₦1,400 per litre, despite Nigeria being Africa’s largest crude oil producer.
On the opposite end of the spectrum, the Central African Republic has the highest petrol prices in Africa at $1.83 per litre, followed by Senegal ($1.646), Seychelles ($1.595), and Zimbabwe ($1.590).
The sharp increase in petrol prices in Nigeria comes amid multiple price hikes by the Nigerian National Petroleum Company Limited (NNPCL) since May last year. NNPCL attributes these adjustments to its dealings with the Dangote Refinery, which began supplying fuel in September 2024.
Meanwhile, the Crude Oil Refiners Association of Nigeria (CORAN) has called on the Nigerian government to stabilize the exchange rate at ₦1,000 per dollar in a bid to lower the price of petrol from the Dangote Refinery to below ₦600 per litre, potentially easing the strain on citizens struggling with economic challenges.
