Nigeria's Petrol Prices Lowest in West Africa, Report Shows

Despite complaints about expensive petrol prices from Nigerians, reports indicate that the country boasts the lowest fuel cost in West Africa and ranks as the 13th most affordable globally.

Based on data from globalpetrolprices.com, the cost of a liter of gasoline in Nigeria remains significantly under $1, even when priced at N1,000.

As a point of reference, the current worldwide average for gasoline prices stands at around ₦1,922, which is approximately double what it costs in Nigeria.

The report indicates that Nigeria's average petrol price currently stands at $0.6 per liter. Recently, the cost increased to around ₦940 following the cessation of petroleum product sales in Naira by the Dangote Refinery.

In Liberia, the cost of petrol is $0.87, which amounts to N1,365. In Ghana, a liter is priced at N1,611.

In the Benin Republic, citizens purchase gasoline for approximately 1,817 Nigerian naira per liter, whereas residents in Togo pay around 1,778 Nigerian naira.

Premium Motor Spirit is priced at approximately N2,089 per liter in Cape Verde and about N2,170 in Guinea.

In Burkina Faso, petrol costs N2,223; in Sierra Leone and Ivory Coast, it is priced at N2,172 each; in Senegal, the price reaches N2,589; whereas in Mali, it stands at N2,235.

According to GlobalPetrolPrices.com, Libya currently boasts the lowest fuel prices worldwide at 42 Nigerian naira per liter, with Iran following closely behind at 45 Nigerian naira and Venezuela ranking third at 54 Nigerian naira.

In Angola, Egypt, and Kuwait, the fuel prices stand at N512, N518, and N533, respectively.

In contrast, Hong Kong boasts the most expensive petrol price at N5,410 per liter. This is succeeded by Iceland with N3,655, Denmark with N3,375, the Netherlands with N3,268, and Israel with N3,128.

"The average cost of gasoline globally stands at 1,922.72 Nigerian naira per liter. Nevertheless, significant variations exist in these prices across different nations," the report stated partially.

As a broad guideline, it has been mentioned that wealthier nations tend to experience higher gasoline costs, whereas poorer countries along with those that manufacture and ship crude oil usually face much cheaper fuel prices.

One significant outlier, however, is the United States—a highly developed economy with relatively inexpensive fuel costs at around N1,413 per liter.

According to globalpetrolprices.com, variations in fuel prices between different nations can be attributed to differing tax rates and subsidy levels for gasoline.

It was stated, "Every country has the opportunity to purchase petroleum at the same global market rates; however, they may choose to apply varying tax levels. Consequently, this leads to differences in the final retail cost of gasoline."

Up until May 29, 2023, Nigerian citizens benefited from subsidized Premium Motor Spirit (PMS) priced at less than NGN 200 per liter. However, following his inauguration, President Bola Tinubu announced that "the fuel subsidy has been eliminated."

Following the elimination of fuel subsidies, the cost of gasoline skyrocketed, making it unattainable for numerous individuals who previously benefited from these supports.

Currently, the price of the product ranges from N920 to N970, varying according to the area.

Provided by Syndigate Media Inc. ( Syndigate.info ).