As Nigeria’s fuel goes above N950, Libya price of petrol will shock you

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According to a survey by Global Petrol Prices, Libya offers Premium Motor Spirit (petrol) at the lowest price in Africa, at N52 ($0.031) per litre, or 0.15 Libyan Dinar.

A platform called Global Petrol Prices keeps track of retail petrol prices all over the world.

According to the survey, Libya has the second-cheapest petrol in the world, right after Iran ($0.029).

Nigeria ranks below the four nations with the lowest petrol prices in Africa: Libya, Egypt, Algeria, and Angola.

Even though Nigeria is known as the greatest producer of crude oil on the continent and its economic powerhouse, its people struggle to purchase gas at N1400 per litre on the black market or N950 to N1,100 depending on where they live.

At $1.83 per litre, the Central African Republic has the highest gas price on the continent.

Other nations with higher fuel prices per litre include Senegal ($1.646), Seychelles ($1.595), Zimbabwe ($1.590), Morocco ($1.527), and Uganda ($1.475). Malawi ($1.458), Côte d’Ivoire ($1.455), Kenya ($1.453), and Sierra Leone ($1.448) complete the list.

Nigeria, one of the biggest oil producers in Africa, is criticised for its high petrol costs, which have made its inhabitants’ financial plight worse.

This event coincides with the third fuel pump price increase since May of last year by the Nigerian National Petroleum Company Limited, or NNPCL.

The NNPCL connected the most recent price changes to the Dangote Refinery, where it began lifting petrol in September.

In the meantime, the Nigerian government has been encouraged by the Crude Oil Refiners Association of Nigeria, or CORAN, to fix the foreign currency rate at N1,000 per dollar in order to drive down the cost of gasoline at Dangote Refinery to less than N600 per litre.

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