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Nigeria has the cheapest petrol price in West Africa and the 13th in the world, despite complaints of unaffordable petrol pricing among Nigerians. According to (link unavailable), a litre of petrol in Nigeria costs far below $1, even if sold at N1,000.

The global average price of gasoline is N1,922, which is about 100 per cent higher than the cost in Nigeria. Nigeria’s average petrol price is $0.6 per litre. The product recently rose to an average of ₦940 after the Dangote refinery stopped selling petroleum products in naira.

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In comparison, petrol prices in other West African countries are significantly higher. In Liberia, petrol costs $0.87 (N1,365), while in Ghana, it sells for N1,611. The people of Benin Republic pay about N1,817 per litre, and those in Togo pay N1,778.

(link unavailable) stated, “The average price of gasoline around the world is 1922.72 Nigerian naira per litre. However, there is a substantial difference in these prices among countries.” The report noted that richer countries tend to have higher petrol prices, while poorer countries and oil-producing nations have lower prices.

However, the United States is an exception, with low gas prices of about N1,413 per litre despite being an economically advanced country. Globalpetrolprices.com explained, “All countries have access to the same petroleum prices as international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different.”

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Libya has the cheapest petrol price globally at N42 per litre, followed by Iran at N45 and Venezuela at N54. In contrast, Hong Kong has the highest petrol price at N5,410 per litre.

Until May 29, 2023, Nigerians enjoyed subsidised PMS selling below N200 per litre. But President Bola Tinubu declared, “The fuel subsidy is gone.” With the removal of fuel subsidies, the price of petrol jumped and became unaffordable for many who had previously benefited from subsidies. Today, the product sells for prices between N920 and N970, depending on the location

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