Petrol prices: Nigeria ranks among cheapest as new report unveils global disparity

Petrol prices: Nigeria ranks among cheapest as new report unveils global disparity

A recent report by Global Petrol Prices has unveiled staggering disparities in gasoline costs globally, positioning Nigeria among the countries with notably affordable petrol prices, ranked 22nd globally for its cost-effective petrol rates.

Titled ‘Global Petrol Prices, Octane-95, January 1, 2024’, the report highlights substantial variations in petrol prices worldwide, indicating a general trend where wealthier nations tend to exhibit higher petrol costs. 

However, despite its economic advancement, exceptions like the United States maintain lower gas prices.

The report attributed these price discrepancies to diverse tax structures and subsidies imposed on petrol by different countries. 

Despite access to similar international petroleum markets, individual governmental policies significantly shape the retail price of petrol.

According to the data compiled by Global Petrol Prices, Iran boasts the world’s most affordable gasoline at an astonishingly low rate of $0.029 (N26.52) per litre. 

Meanwhile, Hong Kong emerges as the country with the highest petrol prices, reaching an exorbitant $3.101 (N2,835.77) per litre. Major oil-producing nations such as Libya, Venezuela, Kuwait, and Saudi Arabia enjoy significantly reduced domestic fuel costs.

Nigeria, a prominent oil producer, maintains a relatively lower petrol price of $0.722 (N660.25) per litre. 

However, the nation faced challenges in meeting its expected oil production levels in recent months, as indicated by data from the Organisation of Petroleum Exporting Countries (OPEC).

Despite remaining Africa’s largest oil producer, Nigeria reported a production output lower than anticipated, affecting its domestic oil availability.

The report’s comprehensive list showcases various countries and their respective petrol prices, underscoring global disparities.