Nigeria is ranked as the 22nd country with the most affordable petrol, according to a recent report
A recent report on global petrol prices, titled 'Global Petrol Prices, Octane-95, January 1, 2024,' highlighted significant variations in gasoline costs worldwide. Nigeria emerged as the 22nd country with the most economical petrol prices, according to the report posted on their website. The study also underscored that certain countries pay over 100 times more for petrol.
The average global gasoline price stands at 1.29 US Dollars per litre. However, substantial differences exist among countries, with a general trend indicating that wealthier nations tend to have higher prices, while economically less affluent countries, along with oil-producing and exporting nations, experience considerably lower prices. The United States stands out as an exception, being economically advanced but maintaining lower gas prices.
The variations in gasoline prices among countries are attributed to diverse taxes and subsidies imposed on gasoline. While all countries have access to the same international petroleum prices, they choose to levy different taxes, resulting in varying retail prices of gasoline," stated the report.
As per the data compiled by Global Petrol Prices and illustrated in the report's chart for January 2024, Iran boasts the world's most affordable gasoline at just $0.029 (N26.52) per litre. In contrast, Hong Kong holds the highest price at $3.101 (N2,835.77) per litre.
Numerous 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).
On the opposite side of the scale are cities and nations imposing high taxes on fuel. Hong Kong leads this category with gasoline priced at $3.101 (N2,835.77) per litre. Throughout Europe, fuel prices consistently remain elevated, with Monaco recording $2.353 (N2,151.75) and Norway at $2.052 (N1,876.49).
In comparison to other selected countries, the United States registers at $0.911 (N833.08) per litre, positioning it close to the global average of $1.30 (N1,188.81). Nigeria is at $0.722 (N660.25), Brazil at $1.150 (N1,051.64), and India at $1.252 (N1,144.92).
As per data from the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria has faced challenges in meeting its anticipated oil production levels in recent months.
As of November 2023, Nigeria maintained its status as Africa's largest oil producer, generating 1.37 million barrels per day, as per secondary sources monitored by OPEC. However, Nigeria's self-declared production figures directly submitted to OPEC for November indicated an output of only 1.25 million barrels per day.
In its December 2023 report, OPEC noted, "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."
The provided list includes prices for some countries, sourced from Global Petrol Prices, Octane-95, January 1, 2024 (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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