According to a research, Nigeria has the 22nd lowest petrol prices in the world, with most other countries paying over 100 times more for Premium Motor Spirit (PMS).
The newly released research, titled “Global Petrol Prices, Octane-95, January 1, 2024,” which was made available on its website, also mentioned that fuel costs are higher in wealthy nations than in developing 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.”
As of January 2024, Iran has the lowest gasoline prices in the world, at just $0.029 (N26.52) per litre, while Hong Kong has the highest price, at $3.101 (N2,835.77) per litre, according to statistics provided by Global Petrol Prices and displayed on a graphic in the article.
Saudi Arabia, Kuwait, Venezuela, Libya, and many other major oil-producing nations have extremely cheap domestic fuel prices. Iran is first on the list with $0.029 (N26.52), followed by Venezuela with $0.035 (N32.01) and Libya with $0.031 (N28.35).
Cities and nations with high fuel taxes are at the other end of the list. Hong Kong maintained its top spot in the rankings, charging $3.101 (N2,835.77) per litre for fuel. Drivers in Monaco pay $2.353 (N2,151.75) while those in Norway pay $2.052 (N1,876.49). Prices in Europe are often higher.
The United States scored $0.911 (N833.08) per liter, which is close to the $1.30 (N1,188.81) global average, compared to the other study countries. Brazil is at $1.150 (N1,051.64), India is at $1.252 (N1,144.92), and Nigeria is at $0.722 (N660.25).
The Organization of Petroleum Exporting Countries reports that Nigeria has had difficulty recently producing as much oil as was anticipated.
OPEC’s secondary sources show that as of November 2023, Nigeria continued to be Africa’s top oil producer, producing 1.37 million barrels daily. Nigeria, however, only produced 1.25 million barrels per day according to its self-reported production statistics for November that it sent straight to OPEC.
“According to secondary sources, total OPEC-13 crude oil production averaged 27.84mb/d in November 2023, lower by 57 tb/d, m-o-m. Crude oil output increased mainly in Venezuela, Libya, and Kuwait, while production in Iraq, Angola, and Nigeria decreased,” OPEC said in its December 2023 report.
Some of the countries listed and their prices, according to Global Petrol Prices, Octane-95, January 1, 2024, are (in no particular order):
Iran: $0.029
Libya: $0.031
Venezuela: $0.035
Kuwait: $0.342
Algeria: $0.342
Egypt: $0.403
Kazakhstan: $0.534
Russia: $0.617
Saudi Arabia: $0.621
Nigeria: $0.722
UAE: $0.738
Argentina: $0.818
Indonesia: $0.874
USA: $0.911
Pakistan: $0.958
Bangladesh: $1.136
China: $1.146
Brazil: $1.150
Turkey: $1.169
Australia: $1.173
South Korea: $1.203
South Africa: $1.205
Canada: $1.239
Japan: $1.242
India: $1.252
Ukraine: $1.410
Mexico: $1.423
Chile: $1.441
Czechia: $1.607
Spain: $1.688
UK: $1.801
Germany: $1.910
Italy: $1.954
France: $1.968
Finland: $1.980
Switzerland: $2.028
Norway: $2.052
Netherlands: $2.085
Denmark: $2.114
Monaco: $2.353
Hong Kong: $3.101
