Nigeria has the cheapest petrol in West Africa, priced at ₦940 ($0.6) per litre, according to GlobalPetrolPrices.com. Despite recent price hikes after the subsidy removal in 2023, Nigeria remains 13th globally for affordable fuel. The price contrasts sharply with neighboring countries like Ghana and Liberia.
A new report has revealed that Nigeria offers the cheapest petrol price in West Africa and ranks 13th globally. According to GlobalPetrolPrices.com, the cost of a litre of petrol in Nigeria is approximately $0.6 (₦940), which is far below the global average of ₦1,922. For comparison, petrol prices in neighboring countries such as Ghana and Liberia are significantly higher, with a litre costing ₦1,611 and ₦1,365, respectively.
Although Nigeria's petrol price remains one of the most affordable globally, the country has seen a rise in fuel costs since the government removed fuel subsidies in May 2023. Previously, Nigerians paid less than ₦200 per litre due to government support, but the removal of the subsidy led to an increase, pushing the price range to between ₦920 and ₦970 per litre. Despite this shift, Nigeria’s petrol prices are still considered cheap compared to global prices, with countries like Hong Kong and Iceland having some of the highest fuel costs.
The report also highlighted that oil-producing nations, including Libya and Venezuela, have even cheaper petrol prices, further emphasizing Nigeria's competitive position. Experts note that variations in petrol prices across countries are largely due to differences in taxation, subsidies, and domestic oil production.
