- Petrol prices are currently above ₦800 per litre, which is considered very high compared to previous years
- Despite these concerns, a new report reveals that Nigerians are still paying lower prices than in other West African countries
- Recent adjustments to ex-depot prices by the Dangote Refinery have triggered corresponding changes at fuel pumps nationwide
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The price of Premium Motor Spirit (PMS), commonly known as petrol, paid by Nigerians is significantly less compared to many of their West African neighbour.
According to a new report from the Major Oil Marketers Association of Nigeria (MOMAN), the average price of petrol in Nigeria is ₦870, down from the previous price of ₦890.
Photo: Bloomberg/contributor
Source: Getty Images
The report, which cited data from GlobalPetrolPrices.com, revealed that the N870 per litre (equivalent to $0.57 per litre) was based on an exchange rate of 1 USD = ₦1,536.73.
It noted that Nigerians are currently enjoying some of the cheapest petrol in West Africa, with prices less than half of what is being paid in countries like Senegal and Cameroon.
The price for Nigeria is also lower than prices in neighbouring countries such as Ghana, where fuel costs around ₦2,098 per litre ($1.37), and Benin at ₦1,902 per litre ($1.24).
Here are the cheapest petrol prices in West Africa
- Nigeria: ₦870 / litre ($0.57)
- Liberia: ₦1,392 / litre ($0.91)
- Togo: ₦1,861 / litre ($1.21)
- Benin: ₦1,902 / litre ($1.24)
- Ghana: ₦2,098 / litre ($1.37)
- Mali: ₦2,321 / litre ($1.38)
- Guinea: ₦2,127 / litre ($1.38)
- Sierra Leone: ₦2,131 / litre ($1.39)
- Cameroon: ₦2,300 / litre ($1.50)
- Burkina Faso: ₦2,327 / litre ($1.51)
- Ivory Coast: ₦2,340 / litre ($1.52)
- Senegal: ₦2,709 / litre ($1.76)
Also, the report provided insight into diesel prices in West Africa.
- Nigeria: ₦1,030 / litre ($0.67)
- Liberia: ₦1,497 / litre ($0.97)
- Burkina Faso: ₦1,832 / litre ($1.19)
- Togo: ₦1,886 / litre ($1.23)
- Ivory Coast: ₦1,899 / litre ($1.24)
- Benin: ₦1,955 / litre ($1.27)
- Mali: ₦1,967 / litre ($1.28)
- Senegal: ₦2,048 / litre ($1.33)
- Ghana: ₦2,095 / litre ($1.36)
- Guinea: ₦2,125 / litre ($1.38)
- Sierra Leone: ₦2,139 / litre ($1.39)
- Cameroon: ₦2,247 / litre ($1.46)
Nigerians will be hoping for lower fuel prices, given that the continent’s 7th largest petroleum refinery is located in Africa, along with an abundance of crude oil.
Depots adjust petrol prices
Earlier, Legit.ng reported that prices of petrol have once again increased across major depots and at Dangote Petroleum refinery.
The price changes at depots are in response to a global oil rally following a sudden military escalation between Israel and Iran.
Brent crude, the international benchmark for oil, traded above $75 per barrel, exceeding Nigeria’s 2025 budget benchmark.
The changes signal an imminent adjustment of petrol prices at filling stations nationwide.
Source: Legit.ng