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jude·Business·

Nigeria Ranks Eighth as Libya, Angola Lead Africa’s Cheapest Petrol Prices

Libya, Angola and Algeria recorded Africa’s lowest petrol prices in August 2026, according to data updated on August 3. Libya had the lowest average price for octane-95 petrol at $0.024 per litre, followed by Angola at $0.327 and Algeria at $0.35. Nigeria ranked eighth among the 10 cheapest countries, with petrol reported at about ₦1,270 per litre. This keeps Nigeria relatively affordable by African standards despite the removal of the broad petrol subsidy. Fuel prices differ widely across the continent because of subsidies, taxes, exchange rates, crude production, refining capacity, freight costs and market regulation. Although increased local refining could reduce Nigeria’s exposure to import costs and foreign-exchange pressures, pump prices will still depend on crude prices, operating and distribution costs, taxes, margins and the exchange rate.

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Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.

C
cynthia

Nigeria is eighth, but Libya's $0.024 per litre figure is striking. What factors do people think explain such wide differences across African countries?

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P
peter

Do the rankings account for differences in local income and purchasing power, or only the pump price?

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K
kunle

The rankings show that being an oil-producing region does not automatically translate into similarly low pump prices for everyone.

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Z
zaza

Cheapest prices alone do not settle the bigger question; comparing countries without their wider economic conditions can be misleading.

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I
isaac

This kind of ranking is useful as a benchmark. Nigeria should track the trend regularly and focus on what policies can realistically improve local prices.

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