Fuel Prices Across Africa Drop, Nigeria's Remains Cheapest in West Africa
- New data show that fuel prices are falling across Africa following a sustained decline in global oil prices
- The fall in crude oil prices is due to the US tariff hikes and an increase in oil-producing countries
- Unlike Nigeria, whose prices have increased, Mali, Morocco, and South Africa have all announced cuts
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.
There is a wave of petrol price reduction sweeping across Africa, driven by a decline in global crude prices.
However, data from Globalpetrolprices.com shows that Nigeria still has the cheapest pump price in West Africa and ranks 13th globally.
Source: Getty Images
According to the Globalpetrolprices, Nigeria’s average petrol price stands at $0.60 per litre, approximately N940, which is lower than the global average of N1,922 per litre.
Even if sold at N1,000, the price of petrol in Nigeria remains below $1 per litre.
The report stated:
“The average price of gasoline around the world is N1,922.72 per litre. However, there is a substantial difference in these prices among countries."
Fuel prices drop in Africa, world
Comparative data reveal that petrol prices in neighbouring West African countries are notably higher.
In Liberia, a litre of petrol sells for $0.87 (N1,365), while in Ghana it costs N1,611. Consumers in the Benin Republic and Togo pay N1,817 and N1,778 per litre, respectively, while in Cape Verde, the price rises to N2,089.
Guinea tops the West African chart at N2,170 per litre, closely followed by Burkina Faso (N2,223), Ivory Coast (N2,172), Senegal (N2,589), and Mali (N2,235).
Globally, Libya offers the cheapest petrol at just N42 per litre, followed by Iran (N45) and Venezuela (N54). Angola, Egypt, and Kuwait also rank among the most affordable, with prices ranging between N512 and N533.
The country with the most expensive petrol price is Hong Kong at N5,410 per litre, followed by Iceland (N3,655), Denmark (N3,375), the Netherlands (N3,268), and Israel (N3,128).
Source: Getty Images
Fuel price reduction in Africa
Meanwhile, there is a wave of fuel price cuts sweeping across Africa, driven by a decline in global crude prices following U.S. tariff hikes and an unexpected production increase from OPEC+ members.
Countries such as Ivory Coast, Mali, Morocco, and South Africa have all announced recent reductions in fuel prices.
In Ivory Coast, fuel prices dropped for the first time in five years, with unleaded petrol now priced at 855 CFA francs per litre and diesel at 700 CFA.
Similar fuel price reductions were made in Mali, Morocco, and South Africa.
Fuel price at N350 per litre
Earlier, Legit.ng reported that the Crude Oil Refinery Owners Association of Nigeria (CORAN) stated that petrol prices could drop to as low as N350 per litre at filling stations.
According to CORAN, with crude prices declining sharply, there is no reason Nigerians should continue to pay as high as N900 per litre for petrol.
Eche Idoko, Publicity Secretary of CORAN, has explained that the key to achieving a lower petrol price in Nigeria.
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Source: Legit.ng
