New Ranking for Nigeria in List of 10 African Countries With Cheapest Fuel Prices
- Despite rising petrol prices, Nigeria has been ranked among the 10 African countries with the lowest pump prices
- The price list, led by Libya, includes other oil-producing African countries such as Angola and Algeria
- Nigerians have been struggling with increasing petrol prices, currently between N1,200 and N1,300 depending on location
Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.
Nigeria has been ranked among Africa’s top 10 countries with the lowest fuel prices in October 2024.
According to data published by GloblPetrolPrices, Nigeria's current petrol price is the 17th cheapest in the world and 5th in Africa.
Source: Getty Images
The data also revealed that globally, the average fuel price is currently $1.26 per litre, compared to $1.29 per litre last month and $1.27 per litre earlier this month.
In Nigeria, filling stations sell fuel between N1,030 and N1,300, and the federal government has declared the complete removal of subsidy payments.
This means that Nigerian fuel prices are now exposed to international pricing.
Here is a breakdown of 10 countries with the cheapest petrol prices
Northern African countries dominate the top 10 African countries with the lowest petrol prices.
Libya
Libya has the second lowest fuel price globally after Iran at at just $0.031 per litre or N51.
Fuel is so cheap in Libya due to the country's large oil reserves and government subsidies that help keep fuel costs low despite political instability.
Angola
At $0.329 per litre, Angola, one of Africa's top oil producers, ranks fourth globally for low fuel prices.
Angola citizens also benefit from cheap fuel due to strong domestic production and government subsidies.
Algeria
Algeria ranks sixth worldwide with a fuel price of $0.344. The government of Algeria also provide interventions that help keep fuel prices low for citizens.
Egypt
Fuel pump price in Egypt is at $0.349 per litre making it the 7th cheapest in the world and 4th in Africa.
Despite not being among the top oil-producing African countries, the government provides subsidies to ensure low fuel costs for its population.
Nigeria
The federal government has fully deregulated the market, and this has led to a significant increase in fuel pump prices at filling stations.
However, at $0.629 per litre average price, Nigeria remains one of the cheapest places to by fuel in Africa at 6th and 17th globally.
Nigeria previously ranked 22nd in the world.
Sudan
Priced at $0.700 per liter, Sudan ranks 22nd globally and 6th in Africa. The government has managed to maintain low petrol prices despite its economic and political challenges.
Ethiopia
Ethiopia’s fuel price of $0.768 per liter ranks 26th worldwide. The country makes fuel prices relatively affordable due to government subsidies.
Tunisia
At $0.814 per liter, Tunisia is ranked 28th globally among countries with cheapest fuel price. The country’s fuel pricing is influenced by subsidies aimed at supporting the local economy amidst economic pressures.
Liberia
Liberia’s fuel price of $0.887 per liter ranks 33rd globally. It relies on imports for fuel, but government controls help to keep fuel somewhat affordable for citizens.
Ghana
At $0.962 per liter, Ghana ranks 41st globally. Ghana’s fuel prices reflect a balance between government subsidies and market-driven costs, as it aims to manage inflation and economic stability.
FG tells NNPC to buy stakes in local refineries
In related news, Legit.ng reported that the federal government had recommended that the NNPC invest in local refineries rather than operating government-owned ones.
Heineken Lokpobiri, the minister of state for petroleum resources (oil), stated that the federal government intends to encourage the national oil firm to acquire shares in the planned and existing private refineries.
He said the government would encourage NNPC Ltd to adopt a new model allowing private investors to run the refineries optimally.
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Source: Legit.ng
