Africa’s Fuel Price Divide: Libya’s Cheap Petrol Leaves Nigeria Lagging Behind
In a stark contrast to Nigeria’s struggling fuel market, Libya has emerged as the country with the cheapest petrol prices in Africa, according to a report by Global Petrol Prices. The report reveals that Libya sells Premium Motor Spirit (petrol) at a whopping N52 ($0.031) per liter or 0.15 Libyan Dinar, making it the second cheapest in the world after Iran.
The report highlights that Libya, Egypt, Algeria, and Angola have the cheapest petrol prices in Africa, while Nigeria lags behind with prices ranging from N950 to N1,100 per liter, depending on the location. The black market price is even steeper, with petrol selling at N1400 per liter.
Despite being one of Africa’s largest oil producers, Nigeria faces criticism for its high petrol prices, which has worsened the economic hardship its citizens are going through. The Nigerian National Petroleum Company Limited (NNPCL) recently hiked fuel pump prices for the third time since May last year, citing the Dangote Refinery as the reason.
The Crude Oil Refiners Association of Nigeria (CORAN) has urged the Nigerian Government to peg the foreign exchange at N1,000 per dollar to crash the price of Dangote Refinery’s petrol to below N600 per liter. However, the government has yet to take concrete action to address the issue.
Meanwhile, the Central African Republic has the highest petrol price on the continent, at $1.83 per liter. Other countries with costlier fuel prices per liter include Senegal ($1.646), Seychelles ($1.595), Zimbabwe ($1.590), Morocco ($1.527), and Uganda ($1.475).
The stark contrast between Libya’s cheap petrol and Nigeria’s struggling fuel market highlights the need for Nigeria to address its fuel pricing issues. As one of Africa’s largest oil producers, Nigeria has a responsibility to ensure that its citizens have access to affordable fuel. The country’s high petrol prices are not only a burden on citizens but also a hindrance to economic growth and development.
