Libya remains the African country with the cheapest petrol prices, offering octane-95 gasoline at just 0.15 Libyan Dinar per litre, equivalent to around $0.032 or N52, according to a recent report by Global Petrol Prices. As of September 16, 2024, this low price has placed Libya at the top of the list of countries in Africa with the most affordable petrol.
In comparison, Egypt, Algeria, and Angola follow Libya with their fuel prices standing at $0.279, $0.342, and $0.351 per litre, respectively. These are the only four countries on the continent where petrol costs less than in Nigeria. Despite Nigeria being one of the largest oil producers in Africa, its citizens currently pay much higher prices for petrol.
As of September 2024, the average petrol price in Nigeria is N1,000 per litre, with black market prices soaring as high as N1,600 per litre. This sharp contrast between Nigeria and countries like Libya has triggered concerns and criticism, especially after the Nigerian government’s removal of fuel subsidies earlier this year.
In stark contrast to Libya, the Central African Republic currently has the highest petrol price on the continent, at $1.83 per litre. Other African countries with notably high fuel prices include Senegal ($1.646), Seychelles ($1.595), Zimbabwe ($1.590), Morocco ($1.527), and Uganda ($1.475). Countries like Malawi, Côte d’Ivoire, Kenya, and Sierra Leone also have fuel prices exceeding $1.45 per litre.
The removal of fuel subsidies in Nigeria has led to widespread frustration, with many citizens calling on the government to address the growing cost of living. Abdullahi Aliyu, a resident of Abuja, emphasized that more affordable petrol could significantly reduce prices in various sectors.
“If petrol were sold at between N150 and N200, everything would become cheaper, including transportation, food, and electricity,” he said.
Aliyu urged Nigerian leaders to learn from Libya’s pricing system, noting the potential benefits of reintroducing subsidies.
“All over the world, there are various types of subsidies, but I think in Nigeria, the one that plays a vital role in the life of the citizens is petrol subsidy,” Aliyu added.
He believes that restoring some form of fuel subsidy would alleviate economic hardship and reduce inflation in the country.
Similarly, Adenike Andrew, an economics graduate who now runs a restaurant, questioned the rationale behind removing fuel subsidies. She highlighted the disparity between the income levels in Nigeria and wealthier countries, arguing that Nigerians cannot afford the same high petrol prices as citizens of richer nations.
“It is wrong to say that Nigerians must pay for petrol the same way people in non-oil but rich countries do. People there have higher incomes, while our people here have been impoverished,” she said.
Andrew also suggested that Nigeria explore legal means to supply fuel to neighboring countries, which could help boost foreign currency earnings.
She criticized the government’s explanation that fuel subsidies were removed because neighboring countries were benefitting from them, calling it a “self-indictment.”
“If they say they removed the subsidy because our neighboring countries are also benefiting from it, it is self-indictment. Our security agencies should do their work. Nigeria should tap the enormous market in Africa to earn foreign currency by supplying petrol legally,” Andrew added.