Libya's Petrol Prices Hit Record Low at N52 per Liter, While Nigeria Faces Soaring Costs Above N950

Libya sells Premium Motor Spirit (petrol) at the cheapest price in Africa at N52 ($0.031) per liter or 0.15 Libyan Dinar, according to a report by Global Petrol Prices.

This makes Libya the country with the second cheapest petrol in the world, trailing only Iran, which offers petrol at $0.029 per liter.

In stark contrast, Nigeria, despite being one of Africa’s largest oil producers and often referred to as the continental economic giant, is grappling with exorbitant fuel prices.

Nigerian citizens are currently paying between N950 and N1,100 per liter, depending on the location, and up to N1400 per liter on the black market. This disparity has led to significant economic hardship for many Nigerians.

The Central African Republic holds the title for the highest petrol price on the continent at $1.83 per liter. Other countries with high fuel costs include Senegal ($1.646), Seychelles ($1.595), Zimbabwe ($1.590), Morocco ($1.527), and Uganda ($1.475). Meanwhile, Malawi ($1.458), Côte d’Ivoire ($1.455), Kenya ($1.453), and Sierra Leone ($1.448) also feature prominently on the list of nations with costly petrol.

The Nigerian National Petroleum Company Limited (NNPCL) has increased fuel pump prices three times since May 2023. The latest hike is attributed to the Dangote Refinery, where petrol lifting began in September.

In response to these rising costs, the Crude Oil Refiners Association of Nigeria (CORAN) has urged the Nigerian Government to peg the foreign exchange rate at N1,000 per dollar. This measure aims to reduce the price of petrol from the Dangote Refinery to below N600 per liter.