A report published by the Global Petrol Prices has revealed that Libya sells Premium Motor Spirit (petrol) at the lowest price in Africa at N52 ($0.031) per liter or 0.15 Libyan Dinar. Global Petrol Prices is a platform that tracks retail petrol prices worldwide.
The report stated that Libya stands out as the country with the second cheapest petrol in the world after Iran ($0.029).
Libya, Egypt, Algeria, and Angola have the cheapest petrol prices in Africa, as Nigeria lags behind the four countries.
Despite Nigeria being a large crude oil producer, its citizens still buy petrol at N950 and N1,100, depending on the location, or N1400 per liter at the black market.
Meanwhile, the Central African Republic has the highest petrol price on the continent, at $1.83 per liter.
Senegal ($1.646), Seychelles ($1.595), Zimbabwe ($1.590), Morocco ($1.527), and Uganda ($1.475) are other countries with costlier fuel price per liter, while Malawi ($1.458), Côte d’Ivoire ($1.455), Kenya ($1.453), and Sierra Leone ($1.448) round up the list.
Nigeria faces criticism for its high petrol prices which has aggravated the economic hardship being experienced by its citizens.
This follows the recent hike in fuel prices by the Nigerian National Petroleum Company Limited (NNPCL) for the third time between last year, May and September 2024. The NNPCL attributed the latest price adjustments to the Dangote Refinery, where it began lifting petrol in September.
Meanwhile, the Crude Oil Refiners Association of Nigeria (CORAN) has appealed to 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.
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