Libya has the lowest petrol prices in Africa, with octane-95 gasoline priced at 0.15 Libyan Dinar per litre, roughly $0.032 or N52 as of September 16, 2024, according to Global Petrol Prices.
In contrast, petrol prices in Egypt, Algeria, and Angola are higher, at $0.279, $0.342, and $0.351 per litre, respectively. These four African nations, along with Libya, offer cheaper fuel than Nigeria.
Current data shows that the average petrol price in Nigeria stands at N1,000 per litre, with black market rates reaching N1,600 per litre.
The Central African Republic has the highest petrol price on the continent, at $1.83 per litre. Other countries with high petrol prices include Senegal ($1.646), Seychelles ($1.595), Zimbabwe ($1.590), Morocco ($1.527), and Uganda ($1.475), while Malawi ($1.458), Côte d’Ivoire ($1.455), Kenya ($1.453), and Sierra Leone ($1.448) follow.
Nigeria faces criticism for its high petrol prices. This situation has led to calls for government intervention in the oil sector, with many arguing that the removal of fuel subsidies has negatively impacted citizens.
Speaking with Daily Trust, Abdullahi Aliyu, a resident of Abuja, stated that if petrol were priced between N150 and N200, it would lower costs across various sectors, including transportation and food.
He suggested Nigerian leaders adopt Libya’s pricing model.
“All over the world, there are different types of subsidies, but in Nigeria, the petrol subsidy is crucial for citizens. Just imagine it sold at between N150 and N200! Everything will be cheap, including transportation, food, and electricity. Our leaders should learn from Libya,” he said.
Adenike Andrew, an economics graduate turned restaurateur, criticized the rationale behind subsidy removal, arguing that Nigerians cannot afford fuel prices similar to those in wealthier nations due to lower income levels.
She suggested Nigeria pursue legal avenues for supplying petrol to neighboring countries to boost foreign currency earnings.
“If they say they removed the subsidy because our neighboring countries benefit from it, that’s self-indictment. Our security agencies should do their work. Nigeria should tap the market in Africa to earn foreign currency by supplying petrol legally. It is wrong to expect Nigerians to pay for petrol like citizens in rich countries. People there have higher incomes. Our people here have been marginalized,” she said.
