KEY POINTS
- Nigeria’s petrol price averages $0.88 per litre, below the global average of $1.32, making it one of the cheapest markets globally.
- Fuel costs in Europe, the U.S., and West Africa remain higher, though oil-producing countries like Libya, Algeria, and Egypt sell petrol at lower prices than Nigeria.
- Analysts credit the Dangote refinery and deregulated market structure for stabilising supply and moderating price increases amid Middle East tensions.
Nigeria continues to maintain one of the lowest fuel prices globally despite recent increases linked to geopolitical tensions in the Middle East.
Data from GlobalPetrolPrices.com shows fuel in Nigeria currently averages $0.88 (N1,191.39) per litre, significantly below the global average of $1.32 (N1,787.08) using an exchange rate of N1,353.85 to the dollar.
The relatively moderate pricing has been largely attributed to the stabilising influence of the Dangote Petroleum Refinery, which has helped cushion the domestic market and reduce exposure to rising international fuel costs.
Fuel Prices Higher Across Major Global Economies
Petrol prices in many major economies remain above Nigeria’s level. The United States records $1.075 per litre, India $1.095, and South Africa $1.189.
Fuel Prices are significantly higher in advanced economies, including the United Kingdom at $1.874, France $2.152, Germany $2.343, while Hong Kong tops the list at $3.967 per litre.
Nigeria also compares favourably within West Africa, where petrol costs are higher in neighbouring countries. Prices stand at $1.192 in Togo, $1.218 in Benin, $1.240 in Ghana, and $1.478 per litre in Cameroon.
Despite the relatively low cost, petrol remains cheaper in some oil-producing African countries.
Fuel prices are about $0.45 in Egypt, $0.35 in Algeria, $0.35 in Angola, while Libya records the lowest price at $0.023 per litre.
Analysts attribute Nigeria’s higher prices compared to these countries to the continued importation of crude oil at international market rates by the Dangote refinery to supplement local supply.
Industry analysts say the Dangote Petroleum Refinery has played a key role in stabilising prices by absorbing part of global cost pressures and ensuring steady product availability.
This has become particularly important as geopolitical tensions in the Middle East trigger supply disruptions, rationing, and sharp price increases in several countries
