Libya Sells Petrol at ₦52 Per Litre, Nigerians Struggle with Soaring ₦1,000 Prices

Despite being a leading oil producer, Nigeria is facing public outcry over its skyrocketing petrol prices, especially as fuel is being sold for as low as ₦52 per litre in Libya.

According to data from Global Petrol Prices, Libya currently offers the lowest petrol price on the continent, with octane-95 gasoline priced at 0.15 Libyan Dinar per litre, approximately $0.032 or ₦52 as of September 16, 2024. This stark difference comes at a time when Nigerians are struggling with domestic petrol prices averaging ₦1,000 per litre, and black market rates escalating to between ₦1,200 and ₦1,600.

In contrast, petrol in other African countries like Egypt, Algeria, and Angola is priced lower than Nigeria, while the Central African Republic tops the list with the highest fuel prices on the continent at $1.83 per litre.

The escalating cost of petrol in Nigeria has led to increases in the price of commodities, transportation, and food, worsening economic hardship for citizens. Many Nigerians are calling for government intervention, blaming the removal of fuel subsidies for worsening the financial strain on the population.

Abuja resident Abdullahi Aliyu criticized the current situation, stating, “If petrol were sold between ₦150 and ₦200, everything would be cheaper, including transportation and food. Our leaders should learn from Libya’s pricing strategy.”

Similarly, Adenike Andrew, an economics graduate turned restaurant owner, expressed frustration at the reasoning behind subsidy removal, arguing that Nigeria’s low income levels make it difficult for citizens to sustain such high fuel prices. She also advocated for Nigeria to explore legal avenues for exporting petrol to neighboring countries to enhance foreign currency revenue.

As public dissatisfaction grows, calls for action in the oil sector intensify, with Nigerians demanding equitable fuel pricing that reflects the country’s status as a major oil producer.