Middle East Crisis: Petrol Prices in Nigeria Still Among World’s Lowest

Nigeria has retained one of the lowest petrol prices globally despite recent increases triggered by geopolitical tensions in the Middle East.

According to GlobalPetrolPrices.com, petrol in Nigeria currently averages $0.88 (N1,191.39) per litre, significantly below the global average of $1.32 (N1,787.08) per litre, based on an exchange rate of N1,353.85 to the dollar.

The data shows the stabilising role of the Dangote Petroleum Refinery in cushioning the domestic market, thereby placing Nigeria among the more affordable fuel markets globally, even as international prices continue to rise.

What the data is saying 

Across major markets, petrol prices remain higher, with the United States at $1.075 (N1,455.39), India at $1.095 (N1,482.47), and South Africa at $1.189 (N1,609.73) per litre.

• Prices are even steeper in advanced economies, including the United Kingdom at $1.874 (N2,537.11), France at $2.152 (N2,913.49), and Germany at $2.343 (N3,172.07), while Hong Kong records as high as $3.967 (N5,370.72) per litre.
• Nigeria also compares favourably within the West African region, where petrol prices are notably higher in neighbouring countries.
• Prices stand at $1.192 (N1,613.79) in Togo, $1.218 (N1,648.99) in Benin, $1.240 (N1,678.77) in Ghana, and $1.478 (N2,000.99) per litre in Cameroon.

However, compared to other oil-producing countries in Africa, Nigerians are paying more.

In Egypt, for instance, fuel price stood at $0.45 (N609.2) as of March 16, 2026.

In Algeria, fuel is sold for $0.35 an, equivalent to N473.8 per litre. Similarly, fuel price in Angola remains low at $0.35 (N473.8). Libya’s fuel price is still the lowest on the continent at $0.023 (N31.13).

Sources attributed the higher prices in Nigeria compared to other oil-producing countries to the fact that the Dangote Refinery still imports crude oil at international market prices to augment the locally sourced crude.

More insights 

Analysts attribute the relative price stability in Nigeria to the growing impact of Dangote Petroleum Refinery & Petrochemicals, which has helped moderate domestic price volatility by absorbing a portion of global cost pressures while ensuring consistent product availability.

This intervention has become particularly critical as several countries face supply disruptions, rationing, and sharp price spikes following the escalation of tensions in the Middle East.

• A key insight from the data is that very few countries globally sell petrol below $1 (N1,353.85) per litre without some form of state intervention.
• According to GlobalPetrolPrices, most countries with pump prices under the $1 threshold rely on fuel subsidies, price controls, or regulated pricing mechanisms to shield consumers from international market volatility.
• In contrast, Nigeria operates a fully deregulated downstream market following subsidy removal in 2023, meaning domestic prices are directly influenced by global crude oil movements and foreign exchange dynamics.

Industry observers note that without the scale and capacity of the Dangote refinery, Nigeria would have been more exposed to global supply shocks, potentially resulting in higher pump prices, increased foreign exchange pressures, and widespread product shortages.

Instead, the expansion of local refining capacity has strengthened supply security, moderated price increases, and reinforced Nigeria’s position as one of the more stable fuel markets globally amid ongoing geopolitical uncertainty.

What you should know 

As the Middle East crisis escalates, several countries are already rolling out measures, including the introduction of subsidies to mitigate the impacts of the rising energy costs on their citizens.

• Germany, for instance, has introduced fuel pricing regulation. From April 2026, gas stations are permitted to raise prices only once per day at a fixed time of 12:00 PM, though they may lower them anytime.
•  The count is also examining a special tax to “skim off” excessive profits from oil companies to fund commuter allowances and aid lower-income families.

In the UK, the government is allocating over £50 million ($66 million) to support low-income households struggling with increased heating oil costs.