Libya currently offers the lowest petrol prices in Africa, selling Premium Motor Spirit (PMS) at just N52 ($0.031) per liter, equivalent to 0.15 Libyan Dinar, according to a report from Global Petrol Prices, a platform that tracks global fuel prices.
The report also highlights that Libya ranks second globally in terms of cheap petrol, trailing only Iran, which sells petrol at $0.029 per liter.
Other African countries with notably low petrol prices include Egypt, Algeria, and Angola, while Nigeria, despite being Africa’s largest crude oil producer, lags behind with significantly higher fuel costs. Nigerian consumers currently pay between N950 and N1,100 per liter, depending on location, with black market rates reaching as high as N1,400 per liter.
In contrast, the Central African Republic holds the record for the highest petrol price in Africa at $1.83 per liter, followed by Senegal ($1.646), Seychelles ($1.595), Zimbabwe ($1.590), and Morocco ($1.527). Uganda, Malawi, Côte d’Ivoire, Kenya, and Sierra Leone also have notably high petrol prices, all exceeding $1.45 per liter.
Nigeria, despite its status as one of Africa’s largest oil producers, continues to face criticism for its escalating petrol prices, which are contributing to worsening economic hardship. The Nigerian National Petroleum Company Limited (NNPCL) has raised fuel pump prices three times since May last year, most recently linking price adjustments to the Dangote Refinery, which began lifting petrol in September.
In response to the rising costs, the Crude Oil Refiners Association of Nigeria (CORAN) has called on the Nigerian government to peg the exchange rate at N1,000 per dollar. This move, they argue, could reduce the price of Dangote Refinery’s petrol to below N600 per liter.
