The current pump price of Premium Motor Spirit (PMS) in Nigeria which swings at between N1,000 and in some areas N980 per litre reflects challenges the country currently faces in balancing domestic supply and demand on one hand.
According to a report by GlobalPetrolPrices.com, Nigeria, Africa’s largest oil producer, offers fuel at $0.769 per litre.
Despite being one of the continent’s top oil exporters, the country’s fuel prices are impacted by fluctuating global oil prices, governmental policies, and the local economy.
While the price is relatively low by international standards, it reflects the challenges Nigeria faces in balancing domestic supply and demand.
Nigeria Ranks 6th African Country With Cheap Fuel Prices
The report shows that fuel prices across Africa in 2025 reflect a diverse energy environment influenced by local production, subsidies, and imports.
Countries like Libya and Angola, with abundant oil reserves, maintain low fuel prices, while nations such as…
Source: Leadership Newspaper
