New Petrol Prices Emerge as Global Data Reveals 10 Countries With the Cheapest Fuel, Nigeria Missing
- Nigeria fails to make global list of countries with the cheapest petrol despite being a major oil producer
- Libya leads globally with petrol priced at just $0.024 per litre, supported by generous subsidies
- Countries are shifting towards market-driven pricing as Nigeria grapples with fluctuating fuel costs post-subsidy
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria is absent from the list of countries with the world's cheapest petrol, as a new global ranking highlights how government subsidies, strong refining capacity and state-controlled pricing continue to keep fuel costs low in several oil-producing nations.
According to the latest data released by GlobalPetrolPrices.com, Libya remains the cheapest country in the world to buy petrol, with motorists paying just $0.024 per litre, while other oil-rich nations such as Iran, Venezuela, Kuwait and Saudi Arabia also feature prominently among the top 10.
Source: Getty Images
The report comes as Nigerians continue to monitor fluctuations in petrol prices following the deregulation of the downstream oil sector and the gradual shift towards market-driven pricing.
Libya retains global lead
Libya tops the global rankings with petrol selling for only $0.024 per litre, thanks to one of the world's most generous fuel subsidy programmes.
Despite producing crude oil in large quantities, the country still imports a significant share of its refined petroleum products and sells them domestically at heavily subsidised prices funded by oil export earnings.
Although Libya has an installed refining capacity of about 380,000 barrels per day, operational disruptions have reduced actual production significantly. Authorities are, however, investing in expanding refining capacity to reduce dependence on imports in the coming years, according to a report by PetroleumPriceNG.
Iran, Venezuela follow closely
Iran ranks second with petrol priced at $0.029 per litre, supported by a government-controlled subsidy programme that allocates discounted fuel to motorists every month.
The country also benefits from a robust refining industry capable of processing most of its crude oil domestically despite years of international sanctions.
Venezuela occupies third place at $0.035 per litre. While petrol remains heavily subsidised, the country's refining sector has struggled with years of underinvestment, sanctions and operational challenges, forcing it to import refined products to meet domestic demand.
African nations feature prominently
Africa also has a strong presence on the list.
Angola ranks fourth, with petrol costing $0.327 per litre, although the government has begun gradually removing subsidies as part of broader economic reforms. New refinery projects are expected to reduce dependence on imports and improve local fuel production.
Algeria follows with petrol selling for $0.35 per litre, maintaining one of Africa's longest-running fuel subsidy programmes through extensive government support for its national oil company.
Egypt also makes the top 10 despite implementing years of subsidy reforms under an economic restructuring programme. Petrol remains relatively affordable due to continued government intervention and strong domestic refining capacity.
Middle East oil giants keep prices low
Oil-rich Gulf nations continue to enjoy relatively low fuel prices.
Kuwait, Qatar and Saudi Arabia all feature in the rankings, relying on abundant crude oil production, sophisticated refining infrastructure and carefully managed pricing systems to keep petrol affordable for consumers.
Rather than relying entirely on subsidies, these countries increasingly use controlled pricing mechanisms that balance consumer welfare with long-term fiscal sustainability.
Why petrol is cheaper in these countries
The report shows that cheap petrol is no longer determined solely by crude oil production.
Source: Getty Images
Instead, countries with the lowest pump prices typically share several key characteristics, including:
- Heavy government subsidies funded by oil revenues.
- Large domestic refining capacity.
- State-controlled fuel pricing systems.
- Strong energy security policies.
- Limited exposure to global oil price fluctuations.
Meanwhile, countries such as Egypt and Angola are gradually reducing fuel subsidies to ease pressure on public finances, signalling a broader shift towards market-based pricing.
For Nigeria, the absence from the list underscores the realities of its post-subsidy fuel market, where petrol prices are increasingly influenced by international crude oil prices, exchange rate movements and supply chain costs, despite the country's status as one of Africa's largest oil producers.
Nigerians still paying N1,200 for petrol
Legit.ng earlier reported that the unexpected persistence of high petrol prices in Nigeria, even as global crude oil costs plummet to around $73 per barrel following a peace deal between the US and Iran.
With many motorists left frustrated by the unchanged pump prices, the question lingers: why aren’t they seeing the expected relief at the fuel stations?
Source: Legit.ng
