Contrary to reports that Nigeria is among the countries that have highest increment of prices of fuel since the ongoing Middle East crisis, the Dangote Petroleum Refinery and Petrochemicals in a statement yesterday, claimed that Nigeria has retained one of the lowest petrol prices globally despite recent increases driven by geopolitical tensions in the Middle East.
It claimed that industry data point to the stabilising role of the refinery in cushioning the domestic market. It quoted GlobalPetrolPrices.com, that 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.
According to it, this places Nigeria among the more affordable fuel markets globally, even as international prices continue to rise. “Across key markets, petrol prices are notably 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 rise further 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 higher in Togo at $1.192 (N1,613.79), Benin at $1.218 (N1,648.99), Ghana at $1.240 (N1,678.77) and Cameroon at $1.478 (N2,000.99) per litre,” the statement explained.
According to it, analysts attribute this reported relative stability to the growing impact of Dangote Petroleum Refinery & Petrochemicals, which has helped moderate domestic price volatility by absorbing a significant portion of the global cost pressures while ensuring consistent product availability.
It added that this intervention has become particularly critical as many 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 operate fuel subsidies, price controls, or regulated pricing mechanisms to shield consumers from international market volatility.
