Nigeria’s Petrol Price Hits High Record, Raising concerns over Affordability

Nigeria’s Petrol Prices Soar Above Oil-Rich Peers, Raising Concerns Over Affordability Despite being Africa’s largest crude oil producer, Nigeria’s petrol prices have skyrocketed, surpassing those of fellow oil-producing nations such as Egypt, Algeria, and Libya, according to a recent survey. In some parts of the country, petrol now sells for as high as N1,000 per litre, while other areas report prices around N950. A review by GlobalPetrolPrices.com revealed that the country’s petrol costs more than many other oil-producing countries, even after converting prices to Naira at the current exchange rate of N1594 to $1. In Egypt, a litre of petrol costs $0.31, roughly N494.14. Algeria follows closely with petrol at $0.348 per litre, which is about N554.71. Meanwhile, Libya, another oil-rich country, boasts one of the lowest petrol prices in the world, with a litre costing only $0.031, or N49.4. Iran, another significant oil producer, also has remarkably low prices at $0.021 per litre, translating to N33.4. Also Mojisola Hunponu-Wusu. Comparatively, several African countries have prices even higher than Nigeria. In Sudan, petrol sells for $0.700 (N1,115.8), while Ethiopia’s price stands at $0.723 per litre (N1,152.4). Other notable prices include Ghana at $0.985 (N1,570) and Senegal at $1.678 (N2,674). The removal of fuel subsidies by President Bola Tinubu’s administration has stirred widespread debate about the affordability of petrol in the country. Critics argue that as the largest crude oil producer in Africa, Nigeria should offer more affordable fuel prices.

source: reportafrique.com

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