Libya tops Africa’s cheapest petrol list, Nigeria ranks fifth, says Report

By Grace Edet

Libya has emerged as the African country with the cheapest petrol price, while Nigeria ranks fifth on the continent, according to a new report by data analytics firm Statisense.
The report, released on Wednesday, outlined the top 10 cheapest petrol prices (per litre) across Africa.
It showed that petrol sells for as low as ₦38.83 per litre in Libya, maintaining its long-standing position as the continent’s most fuel-subsidised economy. Angola and Algeria followed closely with average pump prices of ₦470.29 and ₦504.81 per litre**, respectively.
Egypt ranked fourth with ₦638.57 per litre, slightly cheaper than Nigeria, where petrol currently sells at an average of ₦887.38 per litre, placing it fifth on the list of countries with the lowest fuel prices in Africa.
According to Statisense, Sudan occupies the sixth position with ₦1,006.75 per litre, followed by Ethiopia at ₦1,154.88 per litre. Tunisia, Niger, and Liberia round off the top ten with average prices of ₦1,238.30, ₦1,264.75, and ₦1,387.87 per litre, respectively.
Industry analysts say the wide gap in prices across African countries reflects the influence of fuel subsidy policies, exchange rate differentials, and domestic refining capacities. While Libya, Angola, and Algeria benefit from local refining and heavy subsidies, Nigeria’s relatively moderate price stems from its continued import dependence, currency depreciation, and partial market regulation by the government.
Nigeria’s fuel market has been under intense scrutiny since President Bola Tinubu’s administration ended the long-standing petrol subsidy in May 2023 — a move aimed at freeing fiscal resources and encouraging private investment in local refining. However, the policy shift has also triggered concerns about affordability, inflation, and the rising cost of transportation and goods.
Despite this, Nigeria’s petrol remains significantly cheaper than in most sub-Saharan African countries, many of which rely on full market pricing or high import costs. Analysts note that the country’s ranking could shift once new local refineries — including the Dangote Refinery and other modular plants — begin full-scale production, potentially stabilising prices and reducing reliance on imports.
The Statisense data offers a snapshot of Africa’s shifting energy landscape, highlighting how subsidy regimes, fiscal policies, and refining capabilities continue to shape the continent’s petrol pricing dynamics.