Nigeria has been recognized as one of the top 10 African nations with the lowest fuel prices, according to recent data from GlobalPetrolPrices. Currently, Nigeria’s petrol price ranks 17th in the world and 5th in Africa.
The report highlights that the global average fuel price is $1.26 per litre, a slight decrease from $1.29 last month and $1.27 earlier in October. In Nigeria, fuel prices at filling stations range from N1,030 to N1,300, following the federal government’s decision to fully remove subsidy payments. This change has left fuel prices exposed to international market fluctuations.
A closer look at the 10 African countries with the lowest petrol prices reveals that Northern African nations dominate the list:
Libya: Leading the list, Libya boasts the second lowest fuel price globally at just $0.031 per litre (N51), supported by its vast oil reserves and government subsidies, which help stabilize prices amid ongoing political turmoil.
Angola: Ranking fourth globally, Angola offers fuel at $0.329 per litre. The country’s significant oil production and government support contribute to these low prices.
Algeria: Algeria’s fuel price of $0.344 places it sixth in the world, aided by government interventions that keep costs manageable for consumers.
Egypt: With a petrol price of $0.349 per litre, Egypt ranks as the 7th cheapest in the world and 4th in Africa. The government subsidizes fuel prices despite the country not being a top oil producer.
Nigeria: Despite a recent rise in prices due to market deregulation, Nigeria remains competitive, with an average price of $0.629 per litre, ranking 6th in Africa and 17th globally. This is an improvement from the previous ranking of 22nd.
Sudan: Sudan’s fuel price is $0.700 per litre, placing it 22nd globally and 6th in Africa. The government has managed to maintain low prices despite economic and political challenges.
Ethiopia: At $0.768 per litre, Ethiopia ranks 26th worldwide, largely due to government subsidies that help keep fuel affordable.
Tunisia: With a fuel price of $0.814 per litre, Tunisia stands 28th globally. The pricing is influenced by subsidies designed to support the local economy in challenging times.
Liberia: With a fuel price of $0.887 per litre, Liberia ranks 33rd globally. Government controls help maintain affordable prices, despite reliance on imported fuel.
Ghana: With a price of $0.962 per litre, Ghana ranks 41st worldwide. The country’s fuel prices reflect a balance between government subsidies and market-driven costs as it aims to manage inflation and economic stability.
This ranking underscores Nigeria’s strategic position in the African fuel market, even as it navigates the complexities of deregulation and international pricing.