Report Ranks Nigeria 22Nd Country with Cheapest Petrol

The latest global report has unveiled significant disparities in fuel prices worldwide, with Nigeria ranking 22nd in the category of countries with the cheapest petrol. The report, entitled ‘Global Petrol Prices, Octane-95, January 1, 2024’, as posted on their website, also disclosed that some nations are paying over 100 times more for petrol.

The report highlights that the average gasoline price worldwide is 1.29 US Dollars per litre. However, there are substantial variations in these prices among different countries. Generally, wealthier nations tend to have higher prices, while poorer countries and those engaged in oil production and exports have notably lower prices. The United States, despite being economically advanced, stands out for its low gas prices.

These price differences across countries are attributed to the varying taxes and subsidies imposed on gasoline. While all countries have access to the same petroleum prices in international markets, the differing taxes lead to varying retail gasoline prices, as indicated in the report.

Data compiled by Global Petrol Prices shows that as of January 2024, Iran offers 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.

Several major oil-producing nations such as Libya, Venezuela, Kuwait, and Saudi Arabia enjoy very low domestic fuel costs. On the other end of the spectrum are countries with high fuel taxes. For instance, drivers in Monaco pay $2.353 (N2,151.75) per litre, and in Norway, the price is $2.052 (N1,876.49).

The report also highlights the petrol prices of other sample countries, with the United States at $0.911 (N833.08) per litre, Nigeria 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 (OPEC), Nigeria has faced challenges in meeting its expected oil production levels in recent months. Despite being Africa’s largest oil producer, Nigeria reported a lower output than expected, as indicated in OPEC’s December 2023 report.

The report provides a list of countries and their petrol prices as of January 1, 2024, revealing substantial variations in prices worldwide.