Nigeria Ranks on List of Countries With Cheapest Petrol Amid N660/Litre Price

Jan 7, 2024 | Entertainment, News


  • Global petrol price index has revealed the position of Nigeria on the list of countries with the cheapest petrol price
  • Contrary to popular belief, it turns out that the price of petrol in Nigeria is one of the cheapest in the world
  • According to the report, Iran, Libya and Venezuela are the countries where the product is sold for the lowest prices

Legit.ng journalist Victor Enengedi has over a decade of experience covering Energy, MSMEs, Technology and the stock market.

A recent report has unveiled significant variations in gasoline expenses worldwide, positioning Nigeria at 22nd place in the global ranking for the most economical petrol prices.

This follows a recent increase in the pump price of petrol in Nigeria since President Bola Tinubu announced the removal of fuel subsidy.

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The report, titled ‘Global Petrol Prices, Octane-95, January 1, 2024,’ and available on their official website, also highlights instances where certain countries pay over 100 times more for petrol.

Cheapest petrol
Nigeria secures 22nd spot on list of countries with cheapest fuel amid $660/lire price
Source: Facebook

The global average for gasoline stands at 1.29 US Dollars per litre; however, there exists a considerable disparity in these prices among different nations.

Generally, wealthier nations tend to experience higher petrol prices, while economically disadvantaged countries and those involved in oil production and exportation typically enjoy significantly lower prices.

Discrepancies in gasoline prices among nations arise from the diverse taxation and subsidy policies in place.

While all countries have access to identical international petroleum prices, they opt to apply distinct taxes. Consequently, the retail price of gasoline varies accordingly.

Iran, Libya top list of countries for cheapest petrol

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As of January 2024, data compiled by Global Petrol Prices and presented in a report indicates that Iran boasts the world’s most economical gasoline, priced at just $0.029 (N26.52) per litre, while Hong Kong holds the top spot for the highest price at $3.101 (N2,835.77) per litre.

Notably, several major oil-producing nations, such as Libya, Venezuela, Kuwait, and Saudi Arabia, benefit from remarkably low domestic fuel costs. Iran leads with $0.029 (N26.52), followed by Libya at $0.031 (N28.35) and Venezuela at $0.035 (N32.01).

Conversely, locations with high fuel taxes, like Hong Kong, command the upper echelon with gasoline priced at $3.101 (N2,835.77) per litre.

In Europe, prices consistently lean towards the higher side, with Monaco at $2.353 (N2,151.75) and Norway at $2.052 (N1,876.49).

Other noteworthy figures include the United States at $0.911 (N833.08) per litre, placing it close to the global average of $1.30 (N1,188.81).

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Additionally, Nigeria stands at $0.722 (N660.25), Brazil at $1.150 (N1,051.64), and India at $1.252 (N1,144.92).

Nigeria not meeting OPEC production quota

Based on information obtained from the Organisation of Petroleum Exporting Countries (OPEC), Nigeria has encountered challenges meeting its projected oil production targets over the past few months.

As of November 2023, Nigeria maintained its position as Africa’s primary oil producer, generating 1.37 million barrels daily, as indicated by secondary sources monitored by OPEC.

However, the production figures self-reported by Nigeria directly to OPEC for November revealed a reduced output of only 1.25 million barrels per day.

Source: Legit.ng





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