Elizabeth O.
Nigeria Ranks 22nd in New Report as Country with Most Affordable Petrol
The new report titled ‘Global Petrol Prices, Octane-95’ dated January 1, 2024, disclosed that majority of countries pay over 100 times more for petrol.
The report which compared the prices of patrol in various countries also revealed that the average price of petrol around the world is 1.30 U.S. Dollars per litre.
Nigeria’s average petrol price stands at $0.722 (N660.25), as of 2024
According to the report, “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).
