Nigeria’s petrol prices remain among the lowest globally, averaging $0.88 (N1,191.39) per litre, despite recent increases driven by Middle East geopolitical tensions.
This is significantly below the global average of $1.32 (N1,787.08) per litre. The Dangote Petroleum Refinery is credited with cushioning the domestic market, making Nigeria one of the more affordable fuel markets worldwide.
In comparison, petrol prices are higher in major economies like the US ($1.075 or N1,455.39), India ($1.095 or N1,482.47), and South Africa ($1.189 or N1,609.73). Advanced economies like the UK ($1.874 or N2,537.11), France ($2.152 or N2,913.49), and Germany ($2.343 or N3,172.07) have even steeper prices.
Within West Africa, Nigeria’s prices are more competitive, with Togo ($1.192 or N1,613.79), Benin ($1.218 or N1,648.99), Ghana ($1.240 or N1,678.77), and Cameroon ($1.478 or N2,000.99) having higher rates.
However, other oil-producing African countries like Egypt ($0.45 or N609.2), Algeria ($0.35 or N473.8), Angola ($0.35 or N473.8), and Libya ($0.023 or N31.13) have lower prices.
Analysts attribute Nigeria’s relative price stability to Dangote Refinery’s impact, absorbing global cost pressures and ensuring product availability.
The refinery’s capacity has strengthened supply security and moderated price increases.
