Nigeria ranked among Africa’s 10 cheapest fuel markets in the latest May 2026 petrol price ranking, even as many citizens continue to struggle with high transport costs, food inflation and weak purchasing power.
According to the latest GlobalPetrolPrices.com data for 11 May 2026, Libya had the lowest petrol price in Africa and the world at $0.024 per litre. Angola followed in Africa at $0.327 per litre, while Algeria placed third on the continent with $0.355 per litre. The global average petrol price stood at $1.52 per litre.
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The ranking shows that Africa’s cheapest fuel markets are still dominated by oil-producing countries and economies where fuel prices are heavily regulated or subsidised. GlobalPetrolPrices said fuel prices differ from country to country because governments apply different taxes and subsidies, even though countries have access to the same international petroleum market.
Egypt ranked fourth in Africa and eighth globally, with petrol selling at $0.454 per litre. Sudan followed with $0.700 per litre, placing 15th in the world. Tunisia came sixth in Africa at $0.879 per litre, while Niger ranked seventh at $0.897 per litre.
Nigeria placed eighth in Africa and 22nd globally, with petrol priced at $0.935 per litre, or ₦1,281.75 per litre. The country’s petrol price remains below the global average, but the local impact remains heavy because incomes have been weakened by inflation, exchange-rate pressure and the wider cost-of-living crisis.
Gabon and Ethiopia completed Africa’s top 10 cheapest petrol markets, with prices of $1.065 and $1.067 per litre respectively.
| African Rank | Country | Fuel Price | Global Rank |
|---|---|---|---|
| 1 | Libya | $0.024 | 1st |
| 2 | Angola | $0.327 | 4th |
| 3 | Algeria | $0.355 | 6th |
| 4 | Egypt | $0.454 | 8th |
| 5 | Sudan | $0.700 | 15th |
| 6 | Tunisia | $0.879 | 19th |
| 7 | Niger | $0.897 | 20th |
| 8 | Nigeria | $0.935 | 22nd |
| 9 | Gabon | $1.065 | 33rd |
| 10 | Ethiopia | $1.067 | 34th |
Source: Global Petrol prices
For Nigeria, the ranking gives a mixed picture. In dollar terms, petrol remains cheaper than in many countries. But for households and businesses, affordability is not decided by dollar comparison alone. What matters more is how much people earn, the strength of the naira, transport costs, food prices and the stability of local fuel supply.
The figures also highlight the wider divide in Africa’s fuel market. Countries with strong subsidies or controlled pricing often record lower pump prices, while countries that rely more on market pricing are more exposed to crude oil prices, currency weakness and import costs.
Low petrol prices can reduce pressure on transport, food distribution and business operations. But they can also create a heavy fiscal burden where governments spend large sums to keep prices artificially low.
For Nigeria, the key lesson is clear. Ranking among Africa’s cheaper fuel markets is not enough. Real relief will depend on stronger wages, lower inflation, stable exchange rates and a more reliable local refining system that can reduce pressure on imports and protect consumers from global market shocks.
