Petrol prices have varied significantly among OPEC (Organization of the Petroleum Exporting Countries) members and former members. This reflects the diverse economic landscapes and energy policies within these countries.
These price differences are influenced by factors such as fuel subsidies, production costs, and taxation policies, providing a unique view of the energy market across oil-producing nations.
The following is a breakdown of petrol prices (in Naira) in some OPEC and former OPEC member states:
- Libya – N50
Libya, with one of the world’s largest oil reserves, has maintained significantly low petrol prices for its citizens. This is a result of heavy subsidies on fuel products, aimed at keeping the cost of living low despite the country’s political instability. - Algeria – N560
Algeria, another major oil producer in North Africa, offers moderately subsidized fuel prices. At N560 per litre, the country benefits from its substantial oil wealth while keeping petrol affordable for its population. - Angola – N593
Though no longer an OPEC member, Angola remains a significant oil producer. Petrol prices in Angola stand at N593 per litre, reflecting a balance between government subsidies and international oil market trends. Angola announced it’s departure from OPEC in December 2023, following OPEC’s decision to cut its output quota for 2024. - Egypt – N660
Egypt, another non-OPEC oil-producing nation, has seen rising petrol prices due to the government gradually removing fuel subsidies as part of broader economic reforms. At N660 per litre, the cost of petrol continues to climb, mirroring global oil prices. - Nigeria – N1100
As Africa’s largest oil producer and OPEC member, Nigeria has faced significant fluctuations in petrol prices. With recent subsidy removals, petrol now costs N1100 per litre, marking one of the highest prices among OPEC nations. This is a result of various economic pressures, including foreign exchange challenges and subsidy reforms. - Gabon – N1642
Gabon, another OPEC member, has seen a steep rise in petrol prices, now standing at N1642 per litre. This high cost reflects a combination of limited refining capacity and the global impact of rising crude oil prices.
These prices underscore the varying economic conditions and energy policies across oil-rich nations, demonstrating that being an oil producer does not necessarily translate to cheaper fuel for citizens. As global oil markets continue to fluctuate, these differences may widen, further highlighting the diverse approaches to energy pricing among OPEC and former OPEC members.
Understanding these price disparities is crucial for observing global energy trends and the complex interplay between domestic policies and international market forces.
