Table of Contents
Nigeria Ranks 22nd in Global Petrol Prices, Listed Among the Most Affordable worldwide
In a recent report comparing the costs of Premium Motor Spirit (PMS) worldwide, Nigeria has been listed as the 22nd country with the most affordable fuel prices globally.
Join our Telegram Channel for Updates
The report, titled “Gasoline Prices, Octane-95,” dated January 1, 2024, reveals that the average worldwide petrol price is $1.29 per liter.
CHECK: President Tinubu Fires Betta Edu as Minister of Humanitarian Affairs
As of January 8, 2024, Nigeria’s average petrol price stands at $0.722 (N660.25), reflecting its status among nations providing affordable petrol.
The report notes substantial disparities in petrol prices globally, influenced by diverse taxes and subsidies on petrol production within individual countries.
Iran claims the top position for providing the world’s most inexpensive gasoline, priced at an exceptionally low $0.029 (N26.52) per liter, while Hong Kong takes the lead with the highest recorded price of $3.101 (N2,835.77) per liter.
Major oil-producing nations like Libya, Venezuela, Kuwait, and Saudi Arabia enjoy considerably low domestic fuel costs.
Conversely, high fuel tax imposition is evident in countries like Hong Kong and European nations such as Monaco and Norway, contributing to consistently rising petrol prices.
Despite challenges in meeting expected oil production, the country continues to hold the top spot as Africa’s largest oil producer, contributing an average of 1.37 million barrels per day as reported in November 2023.
It’s noteworthy that the subsidy on the pump price of petrol was removed by President Bola Tinubu on May 29, 2023, resulting in a dramatic increase in the price of the commodity.
Nevertheless, the giant of Africa remains among the countries with the most affordable petrol costs in comparison to others worldwide.
