The retail price of Premium Motor Spirit, (Petrol), increased to between N1030 and N1,150 per litre on Friday, January 17, following a hike by Dangote Refinery and ex-depot prices of the product.
Dangote Refinery had announced a fresh ex-depot price hike from N899 per litre to N955 per litre through an email sent to customers .
The email confirmed the new price regime, noting that marketers buying between two million and 4.99 million litres would now buy at N955/litre, while five million litres and above would buy at N950/litre.
This represents a N55 or 6.17 percent petrol price increase from N899.50/litre announced as a holiday discount for Nigerians last December.
Dangote Refinery’s petrol price increase had sparked different degrees of retail price adjustment across filling stations.
However, Nigeria is still one of the countries with the cheapest fuel in Africa, according to GlobalPetrolPrices.com.
Here are the top 10 African countries with the cheapest fuel at the start of 2025.
1. Libya
Libya remains the leader in the African fuel price rankings, with a litre of fuel costing $0.030. This low price is largely due to the country’s rich oil reserves, which make up a significant portion of its economy.
2. Angola
Angola follows closely with a price of $0.328 per litre. As one of Africa’s top oil producers, Angola has a large share of the global oil market.
The country’s reliance on oil exports helps maintain relatively low domestic fuel prices, providing an economic advantage for its citizens.
Read Also: Petrol price rises to N1,150 per litre after Dangote Refinery’s hike
3. Egypt
Egypt is another country where fuel remains affordable, priced at $0.336 per litre. The country has seen substantial investment in its oil and gas sector in recent years, and the government provides subsidies to maintain lower fuel prices for the public.
4. Algeria
Fuel in Algeria costs $0.339 per litre. The country’s vast oil and gas resources contribute to these low prices, and the government continues to subsidise fuel costs, which helps support local economic stability.
5. Sudan
Sudan’s fuel price is $0.700 per litre, which is still quite low compared to global standards. While Sudan faces economic challenges, it benefits from domestic oil production, though it has struggled with fluctuations in oil output and the impact of external factors on fuel prices.
6. Nigeria
Nigeria, Africa’s largest oil producer, offers fuel at $0.769 per litre. Despite being one of the continent’s top oil exporters, the country’s fuel prices are impacted by fluctuating global oil prices, governmental policies, and the local economy. While the price is relatively low by international standards, it reflects the challenges Nigeria faces in balancing domestic supply and demand.
7. Tunisia
In Tunisia, fuel is priced at $0.794 per litre. The country has limited domestic oil production but benefits from access to regional markets and government subsidies that help control fuel prices. However, economic pressures mean that prices may fluctuate over time.
8. Ethiopia
Ethiopia, with a price of $0.805 per litre, ranks eighth on this list. While the country is not a major oil producer, it imports most of its fuel, but government efforts to stabilise prices help keep costs low for consumers.
9. Liberia
Liberia’s fuel price is $0.829 per litre. The country relies on imports to meet its fuel needs, and while domestic production is limited, low prices are maintained through government policy and external trade agreements.
10. Gabon
Gabon, with a price of $0.944 per litre, rounds out the top 10. As an oil producer with significant reserves, Gabon benefits from relatively low fuel costs compared to other countries on the continent. However, fuel prices are still higher than those in nations with larger oil production capacities.