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Libya Offers Africa’s Cheapest Petrol at N52/Litre

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Libya Offers Africa’s Cheapest Petrol at N52/Litre

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By Samaila Emmanuel Bzugu

According to Global Petrol Prices, Libya maintains the lowest petrol price in Africa, at 0.15 Libyan Dinar (approximately $0.032 or N52) per litre as of September 16, 2024.

In contrast, Egypt, Algeria, and Angola have petrol prices of $0.279, $0.342, and $0.351 per litre, respectively. Nigeria’s average petrol price stands at N1,000 per litre, with black market rates reaching N1,600 per litre.

The Central African Republic has the continent’s highest petrol price at $1.83 per litre, followed by Senegal, Seychelles, Zimbabwe, Morocco, and Uganda.

Nigeria, despite being a major oil producer, faces criticism for its high petrol prices. Many advocate for government intervention, citing the negative impact of fuel subsidy removal on citizens.

Residents like Abdullahi Aliyu suggest that pricing petrol between N150-N200 would significantly reduce costs across sectors. “Our leaders should learn from Libya’s pricing strategy,” he urges.

Economics graduate Adenike Andrew criticizes the subsidy removal rationale, emphasizing that Nigerians cannot bear fuel prices comparable to those in wealthier countries. She proposes exploring legal avenues for supplying petrol to neighboring countries to boost foreign currency earnings.

“We should tap into Africa’s vast market and supply petrol legally to earn foreign currency. It’s wrong to compare our prices to rich countries with higher incomes,” Andrew said.

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