Libya sells Premium Motor Spirit (petrol) at the cheapest price in Africa at N52 ($0.031) per liter or 0.15 Libyan Dinar, according to a report by Global Petrol Prices.
Global Petrol Prices is a platform that tracks retail petrol prices worldwide.
The report noted that Libya stands out as the country with the second cheapest petrol in the world after Iran ($0.029).
Libya, Egypt, Algeria and Angola have the cheapest petrol prices in Africa, as Nigeria lags behind the four countries.
Despite Nigeria being referred to as the continental economic giant and largest crude oil producer, its citizens grapple to buy petrol at N950 and N1,100, depending on the location or N1400 per liter at the black market.
Meanwhile, the Central African Republic has the highest petrol price on the continent, at $1.83 per liter.
Senegal ($1.646), Seychelles ($1.595), Zimbabwe ($1.590), Morocco ($1.527), and Uganda ($1.475) are other countries with costlier fuel price per liter, while Malawi ($1.458), Côte d’Ivoire ($1.455), Kenya ($1.453), and Sierra Leone ($1.448) round up the list.
Despite being one of Africa’s largest oil producers, Nigeria faces criticism for its high petrol prices which has worsened the economic hardship its citizens are going through.
The development comes as the Nigerian National Petroleum Company Limited, NNPCL, recently hiked fuel pump prices for the third time since May last year.
The NNPCL linked the latest price adjustments to the Dangote Refinery, where it began lifting petrol in September.
Meanwhile, the Crude the Oil Refiners Association of Nigeria, CORAN, has urged the Nigerian Government to peg the foreign exchange at N1,000 per dollar to crash the price of Dangote Refinery’s petrol to below N600 per liter.