See more Fuel prices across Africa drop, Nigeria ranks cheapest in West Africa

• New information amusement that Fuel prices are falling crossed Africa pursuing a sustained diminution successful planetary lipid prices
• The autumn successful crude lipid prices is owed to the US tariff hikes and an summation successful oil-producing countries
• Unlike Nigeria, whose prices person increased, Mali, Morocco, and South Africa person each announced cuts

Dave Ibemere, a writer astatine Legit.ng, has been reporting connected concern for implicit 10 years. He has heavy cognition of the Nigerian economy, banal market, and wide marketplace trends.

There is simply a question of petrol terms simplification sweeping crossed Africa, driven by a diminution successful planetary crude prices.

However, information from Globalpetrolprices.com shows that Nigeria inactive has the cheapest pump terms successful West Africa and ranks 13th globally.

Fuel prices successful Nigeria Photo credit: Bloomberg/contributor
Source: Getty Images

According to the Globalpetrolprices, Nigeria’s mean petrol terms stands astatine $0.60 per litre, astir N940, which is little than the planetary mean of N1,922 per litre.

Even if sold astatine N1,000, the price of petrol successful Nigeria remains beneath $1 per litre.

The study stated:

“The mean terms of gasoline astir the satellite is N1,922.72 per litre. However, determination is simply a important quality successful these prices among countries."

Fuel prices dropped successful Africa, World

Comparative information uncover that petrol prices successful neighbouring West African countries are notably higher.

In Liberia, a litre of petrol sells for $0.87 (N1,365), portion successful Ghana it costs N1,611. Consumers successful the Benin Republic and Togo wage N1,817 and N1,778 per litre, respectively, portion successful Cape Verde, the terms rises to N2,089.

Guinea tops the West African illustration astatine N2,170 per litre, intimately followed by Burkina Faso (N2,223), Ivory Coast (N2,172), Senegal (N2,589), and Mali (N2,235).

Globally, Libya offers the cheapest petrol astatine conscionable N42 per litre, followed by Iran (N45) and Venezuela (N54). Angola, Egypt, and Kuwait besides fertile among the astir affordable, with prices ranging betwixt N512 and N533.

The state with the astir costly petrol terms is Hong Kong astatine N5,410 per litre, followed by Iceland (N3,655), Denmark (N3,375), the Netherlands (N3,268), and Israel (N3,128).

Fuel terms simplification successful Africa

Meanwhile, determination is simply a wave of substance terms cuts is sweeping crossed Africa, driven by a diminution successful planetary crude prices pursuing U.S. tariff hikes and an unexpected accumulation summation from OPEC+ members.

Countries specified arsenic Ivory Coast, Mali, Morocco, and South Africa person each announced caller reductions successful substance prices.

In Ivory Coast, substance prices dropped for the archetypal clip successful 5 years, with unleaded petrol present priced astatine 855 CFA francs per litre and diesel astatine 700 CFA.

Similar substance terms reductions were made successful Mali, Morocco, and South Africa.

Fuel terms astatine N350 per litre

Earlier, Legit.ng reported that the Crude Oil Refinery Owners Association of Nigeria (CORAN) stated that petrol prices could driblet to arsenic debased arsenic N350 per litre astatine filling stations.

According to CORAN, with crude prices declining sharply, determination is nary crushed Nigerians should proceed to wage arsenic precocious arsenic N900 per litre for petrol.

Eche Idoko, Publicity Secretary of CORAN, has explained that the cardinal to achieving a little petrol terms successful Nigeria.

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Source: Legit.ng