There is a wave of petrol price reduction sweeping across Africa, driven by a decline in global crude prices.

However, data from Globalpetrolprices.com shows that Nigeria still has the cheapest pump price in West Africa and ranks 13th globally.

According to the Globalpetrolprices, Nigeria’s average petrol price stands at $0.60 per litre, approximately N940, which is lower than the global average of N1,922 per litre.

Even if sold at N1,000, the price of petrol in Nigeria remains below $1 per litre. The report stated: “The average price of gasoline around the world is N1,922.72 per litre. However, there is a substantial difference in these prices among countries."

Comparative data reveal that petrol prices in neighbouring West African countries are notably higher. In Liberia, a litre of petrol sells for $0.87 (N1,365), while in Ghana it costs N1,611.

Consumers in the Benin Republic and Togo pay N1,817 and N1,778 per litre, respectively, while in Cape Verde, the price rises to N2,089.

Guinea tops the West African chart at N2,170 per litre, closely followed by Burkina Faso (N2,223), Ivory Coast (N2,172), Senegal (N2,589), and Mali (N2,235).

Globally, Libya offers the cheapest petrol at just N42 per litre, followed by Iran (N45) and Venezuela (N54).

Angola, Egypt, and Kuwait also rank among the most affordable, with prices ranging between N512 and N533.

The country with the most expensive petrol price is Hong Kong at N5,410 per litre, followed by Iceland (N3,655), Denmark (N3,375), the Netherlands (N3,268), and Israel (N3,128).

In Ivory Coast, fuel prices dropped for the first time in five years, with unleaded petrol now priced at 855 CFA francs per litre and diesel at 700 CFA. Similar fuel price reductions were made in Mali, Morocco, and South Africa.