UNBELIEVABLE! SEE Where People Are Buying Fuel N52/Litre As Petrol Hits N1, 600/Litre In Lagos, Other Nigerian States
As of September 16, 2024, Libya continues to hold the title for the cheapest petrol prices in Africa, with octane- 95 gasoline being sold at just 0. 15 Libyan Dinar per litre. This is equivalent to approximately $0. 032 or ₦52 per litre, according to a report by Global Petrol Prices, a platform that monitors fuel costs worldwide.
In comparison, Egypt, Algeria, and Angola also offer relatively low petrol prices, with each country selling a litre of fuel for $0. 279, $0. 342, and $0. 351, respectively. These are the only four African nations where fuel is priced lower than in Nigeria, despite the latter being one of the continent’ s leading oil producers.
While fuel prices in these countries remain low, Nigeria has seen a significant increase in petrol prices. Currently, the average price of petrol in Nigeria is ₦1, 000 per litre, with black market rates soaring as high as ₦1, 600 per litre. The removal of fuel subsidies in the country has been a major factor in this price surge, leading to widespread public criticism.
At the other end of the spectrum, the Central African Republic now holds the record for the highest petrol prices in Africa, with citizens paying $1. 83 per litre. Other African countries with high fuel costs include Senegal ($1. 646), Seychelles ($1. 595), Zimbabwe ($1. 590), Morocco ($1. 527), and Uganda ($1. 475). Countries like Malawi, Côte d’ Ivoire, Kenya, and Sierra Leone are not far behind, with prices hovering around $1. 45 per litre.
The sharp rise in petrol prices in Nigeria has prompted public outcry, with many citizens expressing concerns over the government’ s decision to remove fuel subsidies. Abdullahi Aliyu, a resident of Abuja, believes that if petrol were sold between ₦150 and ₦200, the cost of living in Nigeria would significantly decrease. He pointed to the positive impact on transportation, food prices, and overall economic stability.
” If they say they removed it (subsidy) because our neighbouring countries are also benefiting from it, it is self- indictment. Our security agencies should do their work. And most importantly, Nigeria should tap the enormous market in Africa to earn foreign currency by supplying petrol to them using legal means, ” she said.
Andrew further pointed out that Nigerians should not have to bear the same fuel costs as citizens of wealthier non- oil- producing countries, considering the income disparities. ” People there have higher incomes. Our people here have been pauperised in facets, ” she remarked.
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The high cost of petrol in Nigeria has sparked debates on the need for government intervention in the oil sector. Many argue that the removal of subsidies has made life more difficult for citizens, especially those in the middle and lower income brackets. Critics have called for a re- evaluation of Nigeria’ s fuel pricing system and urged the government to explore strategies that could alleviate the financial burden on the population.
As fuel prices continue to rise, Nigerians look to their government for solutions, hoping for a return to more affordable petrol prices and a stabilisation of the economy. Meanwhile, countries like Libya stand as an example of how strategic pricing can benefit both citizens and the broader economy.
