Nigeria has maintained its position as the country with the lowest petrol price in West Africa, with an average pump price of N1,156 per litre, even as the cost of importing fuel has surged by more than 15% in the past two weeks.
According to data from the Major Energies Marketers Association of Nigeria (MEMAN), the spot landing cost of Premium Motor Spirit (PMS) rose from N983.92 per litre on June 24 to N1,135.73 per litre by July 9 an increase of N151.81 or 15.4%. Similar upward adjustments were recorded for diesel and aviation fuel.
Geopolitical Tensions Fuel Price Spike
The rise in import costs is linked to renewed geopolitical uncertainties in the Middle East, particularly around the Strait of Hormuz. Brent crude averaged $73.71 per barrel during the week ending July 9, while Nigeria’s Bonny Light stood at $71.63 per barrel. The slight depreciation of the naira, averaging N1,373.47 per dollar, has further increased the cost of dollar-denominated imports.
Despite the short-term spike, the 30-day average import parity price for petrol actually declined by about **6.5%, indicating that the recent increase may be temporary and driven by market uncertainty rather than a long-term shift.
Regional Leadership in Affordability
A MEMAN survey of twelve West African countries confirmed that Nigeria still offers the cheapest petrol in the region. Countries such as Sierra Leone (N2,311.63 per litre), Liberia, Benin Republic, Togo, Ghana, Cameroon, Côte d’Ivoire, Mali, and Senegal all recorded significantly higher pump prices.
Industry experts say the relatively low prices are supported by increased local refining capacity, particularly from Dangote Refinery, and competitive pricing among major suppliers. However, they warn that any escalation in Middle East tensions could quickly reverse the current relief at the pumps.
For now, Nigerian motorists and businesses are benefiting from comparatively affordable fuel costs, though the situation remains sensitive to global oil price movements and exchange rate stability. Marketers are closely monitoring developments as they balance supply costs with consumer affordability.
