A recent study conducted by Global Petrol Prices has revealed that Libya offers the most affordable petrol in Africa.
Global Petrol Prices is a platform dedicated to monitoring retail petrol prices worldwide.
According to the report, the cost of octane-95 gasoline in Libya is recorded at 0.15 Libyan Dinar per liter, approximately equivalent to $0.031 or N52 as of September 16, 2024.
Comparatively, Egypt, Angola, and Algeria have petrol prices at $0.310, $0.348, and $0.323 per liter, respectively.
Remarkably, these four nations are the only ones where petrol is retailed at prices lower than in Nigeria.
Numerous sources and data indicate that the current price of petrol in Nigeria is N1,000 per liter, with even steeper rates reaching up to N1,600 per liter on the black market.
The report highlights the Central African Republic as having the highest petrol price on the continent, standing at $1.864 per liter.
Apart from the Central African Republic and Nigeria, other countries in Africa with elevated petrol prices include: Senegal ($1.678), Seychelles ($1.627), Zimbabwe ($1.530), Morocco ($1.437), and Uganda ($1.396).
Additionally, countries like Malawi ($1.457), Côte d’Ivoire ($1.483), Kenya ($1.451), and Sierra Leone ($1.423) also experience higher petrol costs.
Others with elevated petrol prices include Burkina Faso ($1.440), Cameroon ($1.423), and Mali ($1.440), along with Senegal ($1.678) mentioned earlier.
Despite being one of the continent’s major oil producers, Nigeria has faced criticism for its high petrol prices. This issue was exacerbated by President Bola Tinubu’s decision to eliminate the petrol subsidy in 2023.
