Nigeria's petrol at $0.99/litre still below global average but up 85% since conflict
Petrol prices across Africa held below the global average of $1.58/litre in October, but Nigeria's position at seventh-cheapest ($0.992/litre) masks an 85.7% domestic surge from roughly ₦700 to ₦1,300 per litre since the Middle East conflict escalated. The National Bureau of Statistics reports energy inflation more than doubled to 10.85% in September from 4.69% in August, and with crude up another 13% in October, the next inflation report could show further pressure.
Libya leads Africa at $0.023/litre (98.5% below global average), followed by Angola ($0.327) and Algeria ($0.347)—all sustained by heavy subsidies and domestic refining. Nigeria scrapped its subsidy in 2023, leaving consumers fully exposed to import costs. Meanwhile, neighbours like Niger banned fuel exports in October to protect domestic supply, and Gabon spends 1% of GDP on subsidies while considering phase-out.
The data from Global Petrol Prices (updated Oct 26) shows Sudan at $1.14, Ethiopia at $1.04, and Gabon at $1.01—all below the global benchmark but propped by subsidies or refinery output Nigeria lacks. Egypt ($0.428) and Tunisia ($0.84) maintain partial subsidies tied to IMF reform programmes.
For Nigerian motorists and businesses, the ₦1,300/litre reality means transport, logistics, and production costs keep climbing. The next NBS inflation drop will clarify the scale. Are you adjusting operations to absorb these costs, or passing them downstream?