Nigeria Ranks 22nd Country With Cheapest Petrol Price

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


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