New Petrol Price in Nigeria Among Top 10 Cheapest Globally in 2026
- The list of countries with the lowest petrol prices at the start of 2026 has been revealed
- The decision by Dangote refinery to crash ex-depot price have helped placed Nigeria among the global 10
- Other African countries in the 10 lowest global price include Libya, Angola, Egypt and Algeria
Fuel prices in Nigeria have been on a downtrend following Dangote Refinery’s decision to reduce the gantry price to N699 and its directive for MRS filling stations to sell at N739 nationwide.
To remain competitive, other filling stations, including the Nigerian National Petroleum Company Limited, were forced to lower their prices from an average of N900 to around N750.
Source: Getty Images
Similarly, private depots, which are mostly importers, have also lowered their prices close to Dangote’s gantry price.
New fuel price in Nigeria
The drop in price has further cemented Nigeria’s place among the top 10 countries with the cheapest fuel in the world at the start of 2026, according to GlobalPetrolPrices.com.
List of countries with most affordable fuel in the world
Among the countries with the lowest fuel prices in the world, five African countries made the list the prices are converted from dollar to naira using exchange rate of N1,400/$
Libya: N39.22
Libya leads Africa and th world in cheap fuel. The country’s abundant oil reserves help keep prices extremely low, Petroluemprice.ng reports.
Iran: N45.58
Iran follows at N45.58 per litre. Despite international sanctions, government price controls ensure fuel remains affordable for citizens.
Iran is also one of the largest producers of crude oil.
Venezuela: N49.65
Venezuela’s petrol is N49.65 per litre. While prices are low, economic challenges and frequent shortages make access less reliable.
Angola: N464.60
Angola offers petrol at N464.60 per litre. As a major oil producer, the country’s domestic fuel prices remain relatively low, benefiting local consumers.
Kuwait: N484.42
Kuwait maintains petrol at N484.42 per litre. The country subsidies ensure citizens are protected from sudden global price increases.
Algeria: N513.81
Fuel in Algeria costs around N513.81 per litre thanks to government subsidy which help keep prices stable despite global market fluctuations.
Turkmenistan: N607.34
Turkmenistan a country in Central Asia sells petrol at N607.34 per litre. State regulation keeps fuel accessible and affordable for citizens.
Source: Facebook
Egypt: N627.56
Egyptian petrol is N627.56 per litre. Government subsidies and investments in the oil sector help maintain lower prices for consumers.
Kazakhstan: N683.40
Kazakhstan offers petrol at N683.40 per litre. Price controls allow citizens to access fuel at rates below the global average.
Nigeria: N760
Nigeria rounds out the list at N760 per litre. Growing local refining capacity, led by the Dangote Refinery has helped dependence on imports and helps keep fuel relatively affordable.
Nigerians spent N1.58 trillion on petrol
Earlier, Legit.ng reported that Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed that Nigerians spent an estimated N1.58 trillion on petrol in December 2025.
The regulator disclosed in its December factsheet that average daily petrol consumption stood at 63.7 million litres throughout the month. With December having 31 days, total nationwide petrol usage was estimated at about 1.97 billion litres.
The regulator explained that December typically records higher fuel consumption than other months due to holiday travel, increased logistics activities.
Source: Legit.ng
