Nigeria has recently been recognized for having some of the lowest pump prices in Africa, ranking among the top 10 countries despite the ongoing challenges of rising petrol costs.
Leading the list is Libya, followed by other oil-producing nations like Angola and Algeria. While Nigerians are currently facing petrol prices between N1,200 and N1,300, depending on their location, this ranking highlights the potential for Nigeria to leverage its resources more effectively.
As of October 2024, Nigeria’s position among the top 10 African countries with the lowest fuel prices presents an opportunity for continued efforts toward improving fuel accessibility and affordability for its citizens.. …CONTINUE READING
According to data published by GloblPetrolPrices, Nigeria’s current petrol price is the 17th cheapest in the world and 5th in Africa.
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 countries with the lowest petrol prices.
Libya Libya has the second lowest fuel price globally after Iran 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. Algeria’s government also provides interventions that help keep fuel prices low for citizens.
Egypt
The fuel pump price in Egypt is $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, leading to a significant increase in fuel pump prices at filling stations.
However, at an average price of $0.629 per litre, Nigeria remains one of the cheapest places to buy fuel in Africa, at 6th and 17th globally. Nigeria previously ranked 22nd in the world.
Sudan
At $0.700 per litre, 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 litre ranks 26th worldwide. The country makes fuel prices relatively affordable due to government subsidies.
Tunisia
At $0.814 per litre, Tunisia is ranked 28th globally among countries with the cheapest fuel price. The country’s fuel pricing is influenced by subsidies to support the local economy amidst economic pressures.
Liberia
Liberia’s fuel price of $0.887 per litre 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 litre, 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.
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