•As PMS remains cheaper in Nigeria than in the US, UK, South Africa, Ghana, others
Nigeria has retained one of the lowest petrol prices globally despite recent increases driven by geopolitical tensions in the Middle East, with industry data pointing to the stabilising role of Dangote Petroleum Refinery & Petrochemicals in cushioning the domestic market.
According to data from GlobalPetrolPrices.com, petrol in Nigeria currently averages $0.88 (₦1,191.39) per litre, significantly below the global average of $1.32 (₦1,787.08) per litre, based on an exchange rate of ₦1,353.85 to the dollar.
This places Nigeria among the more affordable fuel markets globally, even as international prices continue to rise.
Across major markets, petrol prices remain notably higher, with the United States at $1.075 (₦1,455.39), India at $1.095 (₦1,482.47), and South Africa at $1.189 (₦1,609.73) per litre. Prices climb even further in advanced economies, including the United Kingdom at $1.874 (₦2,537.11), France at $2.152 (₦2,913.49), and Germany at $2.343 (₦3,172.07), while Hong Kong records one of the world’s highest prices at $3.967 (₦5,370.72) per litre.
Nigeria also compares favourably within West Africa, where petrol prices are higher in Togo at $1.192 (₦1,613.79), Benin at $1.218 (₦1,648.99), Ghana at $1.240 (₦1,678.77), and Cameroon at $1.478 (₦2,000.99) per litre.
Analysts attribute this relative price stability to the growing impact of Dangote Petroleum Refinery & Petrochemicals, which has helped moderate domestic price volatility by absorbing a significant portion of global cost pressures while ensuring consistent product availability.
This intervention has become especially critical as several countries grapple with supply disruptions, rationing, and sharp price spikes following the escalation of tensions in the Middle East.
A key takeaway from the data is that only a limited number of countries globally sell petrol below $1 (₦1,353.85) per litre without some form of state intervention.
According to GlobalPetrolPrices, most countries with pump prices below the $1 threshold rely on fuel subsidies, price controls, or regulated pricing frameworks to shield consumers from international market volatility.
By contrast, Nigeria has operated a fully deregulated downstream market since the removal of fuel subsidy in 2023, meaning domestic pump prices are now directly influenced by global crude oil prices and foreign exchange movements.
Despite this transition, Dangote Refinery has continued to serve as a buffer for the economy.
While domestic petrol prices have risen by about 35 to 40 per cent since the onset of the latest geopolitical crisis, the increase remains lower than in several other markets, with countries such as Cambodia and Vietnam reportedly recording hikes of more than 67 per cent and 49 per cent, respectively.
Industry observers say that without the scale and refining capacity of Dangote Refinery, Nigeria would have been significantly more exposed to global supply shocks, potentially resulting in steeper pump prices, heavier foreign exchange pressure, and widespread product shortages.
Instead, local refining has strengthened supply security, moderated the pace of price increases, and reinforced Nigeria’s position as one of the more stable and comparatively affordable fuel markets globally at a time of heightened international energy volatility.
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