Abuja, Nigeria – Nigeria continues to maintain one of the lowest petrol prices globally, averaging 0.88 US dollars (1,191.39 naira) per litre, even as geopolitical tensions in the Middle East push international fuel costs higher. The global average currently stands at 1.32 US dollars (1,787.08 naira) per litre.
Okay News reports that data from GlobalPetrolPrices.com highlights the stabilising role of the Dangote Petroleum Refinery, which has helped cushion domestic markets against global volatility. Analysts note that without the refinery’s growing capacity, Nigeria would have faced sharper price increases and potential product shortages.
Across major economies, petrol prices remain higher. The United States averages 1.07 US dollars (1,455.39 naira), India 1.09 US dollars (1,482.47 naira), and South Africa 1.19 US dollars (1,609.73 naira). Advanced economies record steeper costs, with the United Kingdom at 1.87 US dollars (2,537.11 naira), France at 2.15 US dollars (2,913.49 naira), and Germany at 2.34 US dollars (3,172.07 naira). Hong Kong tops the list at 3.96 US dollars (5,370.72 naira) per litre.
Nigeria also compares favourably within West Africa, where prices are higher in Togo, Benin, Ghana, and Cameroon. However, compared to other oil-producing nations such as Egypt, Algeria, Angola, and Libya, Nigerians pay more, as those countries maintain heavily subsidised fuel markets.
Industry observers explain that Nigeria’s deregulated downstream market, following subsidy removal in 2023, means domestic prices are directly influenced by global crude oil movements and foreign exchange dynamics. The Dangote refinery’s intervention has moderated volatility, ensuring consistent supply and reinforcing Nigeria’s position as one of the more stable fuel markets globally.
Meanwhile, several countries are introducing measures to shield citizens from rising energy costs. Germany has implemented fuel pricing regulations, while the United Kingdom has allocated 66 million US dollars to support low-income households struggling with heating oil expenses.
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