Reactions as Libya Sells Petrol at N52/Litre, NNPCL Takes Action

• The list of African countries with the cheapest petrol prices has been revealed amid rising costs in Nigeria
• The report shows that Libya, another African oil-producing country, leads the list with a selling price of N52 per litre
• This is over a N1,000 difference from Nigeria's retail prices at some filling stations across the country

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Libya remains the African country with the lowest petrol prices, as octane-95 gasoline costs just 0.15 Libyan dinars per litre, approximately $0.032 or N52 as of Monday, September 16, 2024.

The price of Libya is according to a report by Global Petrol Prices, a platform that tracks retail fuel costs worldwide.

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Libya's cheap petrol is only behind Iran in the global ranking.

Other African countries with low petrol prices include Egypt, Algeria, and Angola at $0.279(N457.17), $0.342(N560.41), and $0.351(N575.16) per litre, respectively.

Countries with the highest petrol prices in Nigeria

Nigeria, an oil-producing giant, is on the opposite side of the pricing scale.

Nigeria's current average petrol price is N1,000 per litre, with black market rates surging to N1,400 per litre.

Other African countries with high petrol prices include the Central African Republic, which tops the list, where fuel costs $1.83 per litre.

Other countries with higher prices include Senegal ($1.646), Seychelles ($1.595), Zimbabwe ($1.590), Morocco ($1.527), and Uganda ($1.475).

Malawi ($1.458), Côte d’Ivoire ($1.455), Kenya ($1.453), and Sierra Leone ($1.448) complete the top 10 countries with the highest petrol prices.

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Nigerians react to Libya petrol price

@AbbaM_Abiyos wrote:

"Petrol is N52 in Libya. Libya is a country that has no leadership but a unity government.Currently Libya is more stable than Nigeria today, in terms of economy and cost of living."

@Iam_Czar added:

"A Bottle water in Libya is more expensive than a litre of petrol in Libya."

@imermu said:

"Despite the Libya war, their government still subsidised its petrol for the benefits of the citizens, while in Nigeria the story is different."

NNPC slash Dangote petrol price for marketers

Legit.ng earlier reported that 11Plc, TotalEnergies, AA Rano, and other marketers have started lifting Dangote petrol through the Nigerian National Petroleum Company (NNPC) Trading Limited for distribution to retail outlets nationwide for N765.99 per litre.

On Thursday, September 19, 2024, Tunji Oyebanji, the managing director of 11Plc, confirmed the development.

The new prices are far lower than the N898 per litre NNPCL announced for Dangote petrol when it was lifted from the refinery.

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CBN, currency traders give new exchange rates as Naira depreciates against US dollar

Source: Legit.ng