Nigeria ranks 22nd country with cheapest petrol – Report
A report has disclosed that Nigeria is the 22nd country with the cheapest petrol price across the globe, adding that the majority of nations paying over 100 times more for Premium Motor Spirit (PMS).
The new report titled ‘Global Petrol Prices, Octane-95, January 1, 2024’, published on its website added that richer countries have higher prices of fuel than the poorer ones.
It said, “The average price of gasoline around the world is 1.29 US Dollars per litre. However, there is a substantial difference in these prices among countries.
“As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S. which is an economically advanced country but has low gas prices.
“The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different.”
According to data compiled by Global Petrol Prices and presented on a chart in the report, as of January 2024, Iran has the world’s cheapest gasoline at just $0.029 (N26.52) per litre, while Hong Kong has the highest price at $3.101 (N2,835.77) per litre.
Many major oil-producing countries, including Libya, Venezuela, Kuwait, and Saudi Arabia, enjoy very low domestic fuel costs. Iran tops the list at $0.029 (N26.52), followed by Libya at $0.031 (N28.35) and Venezuela at $0.035 (N32.01).
At the other end of the list are cities and countries with high taxes on fuel. Hong Kong remained high in the ranking with gasoline at $3.101 (N2,835.77) per litre. Prices in Europe are consistently higher, with drivers in Monaco paying $2.353 (N2,151.75) and those in Norway paying $2.052 (N1,876.49).
Among other sample countries, the United States came in at $0.911 (N833.08) per litre, putting it near the global average of $1.30 (N1,188.81). Nigeria stands at $0.722 (N660.25), Brazil at $1.150 (N1,051.64), and India at $1.252 (N1,144.92).
According to data from the Organisation of Petroleum Exporting Countries, Nigeria has struggled to meet its expected oil production levels in recent months.
As of November 2023, Nigeria remained Africa’s largest oil producer, churning out 1.37 million barrels per day, according to secondary sources tracked by OPEC. However, Nigeria’s self-reported production figures directly to OPEC for November showed output of only 1.25 million barrels per day
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