Nigeria is currently ranked among countries with relatively low petrol prices globally. According to GlobalPetrolPrices.com, the average price of petrol, also known as gasoline, around the world as of April 13, 2026, is $USD1.50 per litre.
Data published by the oil and gas analytical firm indicates that Nigeria is currently ranked 23rd ($0.90 per litre) among countries with the lowest petrol prices globally. This reflects a slight shift from a spot in the top 10 or 20 for the world’s cheapest fuel, which it has once consistently held.
Earlier 2026 rankings (in January) placed Nigeria within the top 10 cheapest globally, before recent price hikes.
Since March 2026, global prices of petrol have been heavily influenced by the conflict in the Middle East, involving the United States, Israel, and Iran, which began on February 29 and disrupted supply chains and crude oil markets.
The disruption affected global crude oil prices, which rose to near $120 per barrel before dropping to about $90 last week following the ceasefire and negotiations among the U.S., Israel, and Iran, and the subsequent announcement of the reopening of the Strait of Hormuz. This global crude oil volatility affected fuel prices across the world.
While Hong Kong ranks as the most expensive globally ($4.135 per litre), Malawi came second globally ($3.841 per litre) and had the highest petrol price in Africa.
Despite recent increases, petrol in Nigeria remains cheaper than in many developed and even some African countries.
The $0.90 for Nigeria (below the global average) is roughly ₦1,209.26 per litre (at an exchange rate of ₦1,343.63). Nigeria comes after the United Arab Emirates (UAE) and Niger, with $0.893 and $0.891, respectively, in global ranking.
Libya ranks number one ($0.02) in the world’s lowest gasoline prices, followed by Iran ($0.029), Venezuela ($0.035) and Angola ($0.32).
10 African Countries with the Lowest Gasoline Prices in April 2026
Currently, the top 10 for cheapest petrol prices in Africa include Libya ($0.02), Angola ($0.32), Algeria ($0.35), Egypt ($0.45), Sudan ($0.70), Tunisia ($0.87), Niger ($0.89), Nigeria ($0.903), Ethiopia ($0.906), and DR Congo ($1.05).
Gabon, which was previously in the top 10 African countries with the lowest petrol prices, was recently displaced by DR Congo, according to the latest data published by GlobalPetrolPrices.com.
The platform explained that generally, richer countries have higher prices, while poorer countries and the countries that produce and export oil have significantly lower prices. However, the United States is an exception, as it is an economically advanced country but has low fuel prices.
Why Nigeria Still Ranks Low
Analysts attribute the outcome to some factors, including Nigeria being a major crude oil producer (the largest in Africa), and the increasing local refining capacity (e.g., the 650,000 barrels per day Dangote Refinery).
Comparatively, petrol prices remain higher in several major economies. The United States records $1.175 (₦1,578.76) per litre, India $1.085 (₦1,457.83), and South Africa $1.397 (₦1,877.05).
The prices rose further in other advanced economies such as the United Kingdom, with $2.143 (₦2,879.39), France at $2.346 (₦3,152.15), Germany at $2.472 (₦3,321.45), the Netherlands, $ 2.802 (₦3,764.85) and Hong Kong, $4.135 (₦5,555.91).
Within West Africa, Nigeria also compares favourably as petrol prices remain higher in Sierra Leone $1.779 (₦2,390.31), Senegal, $1.643 (₦2,207.58), Mali, $1.562 (₦2,098.75), Cameroon, $1.499 (₦2,014.10), Ivory Coast, $1.464 (₦1,967.07), Ghana, $1.427 (₦1,917.36), Liberia, $1.362 (₦1,830.02), Togo, $1.214 (₦1,631.16), and Benin Republic, $1.241 (₦1,667.44).
Following the removal of fuel subsidy in 2023, Nigeria has been operating a fully deregulated downstream sector, exposing the country to the vagaries of global crude oil prices and foreign exchange dynamics.
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Industry observers have attributed the relative stability in petrol prices in Nigeria to the emergence of the Dangote Petroleum Refinery, which currently covers about 85 per cent of PMS supply to the domestic market, according to the latest data released by the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Analysts say the refinery has helped moderate domestic price volatility by absorbing a significant portion of the global cost pressures while ensuring consistent product availability.
Domestic Price Pressure
Despite Nigeria’s low ranking, both globally and regionally, the residents feel the impact of fuel costs. The removal of the subsidy, which the government claimed was to relieve it of a heavy financial burden and save more for development projects, led to unprecedented hikes in the cost of fuel.
The recent Middle East conflict, which caused global oil shocks, led to a sharp rise in petrol prices (almost 40 per cent) in the country.
As a result, Nigeria still faces high cost-of-living pressure, because wages and purchasing power are low relative to fuel prices.
Analysts note that Nigeria, being ranked around 23rd cheapest globally, reflects relative pricing, not affordability.
“In reality, many Nigerians still feel the strain because petrol costs have risen sharply in recent times, and directly affect transportation, food prices, and daily living,” said an economist and scholar, Dr Ebikabowei Aduku.
The recent rise in fuel prices pushed up the cost of things, including transportation and food.
The headline inflation rose to 15.38 per cent in March from 15.06 per cent in February 2026. Economic experts attributed the rise to the recent surge in energy crisis.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X