The recently released report titled ‘Global Petrol Prices, Octane-95, January 1, 2024’ has unveiled significant global variations in gasoline prices, positioning Nigeria as the 22nd country with the most economical petrol prices globally.
The report, available on the Global Petrol Prices website, underscores the global average gasoline price at $1.29 per liter, emphasizing the noteworthy disparities influenced by individual countries’ diverse tax and subsidy structures.
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The report notes that despite all countries having access to the same international petroleum prices, the imposition of different taxes leads to distinct retail gasoline prices. Richer nations generally exhibit higher prices, while economically advanced countries may have lower prices, such as the United States. However, the report points out that an exception is the U.S., which, despite its economic advancement, maintains low gas prices.
Iran secures the top spot for providing the world’s most affordable gasoline at an impressively low $0.029 per liter (equivalent to N26.52), followed by Libya at $0.031 (approximately N28.35) and Venezuela at $0.035 (about N32.01). Notably, major oil-producing nations like Libya, Venezuela, Kuwait, and Saudi Arabia enjoy significantly lower domestic fuel costs.
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Countries with high fuel taxes, such as Hong Kong at $3.101 (around N2,835.77) per liter, and European nations like Monaco and Norway, consistently display higher petrol prices. Within this global context, Nigeria stands at $0.722 per liter (equal to N660.25), highlighting its position among nations offering affordable petrol.
Despite facing challenges in meeting projected oil production levels, Nigeria maintains its status as Africa’s largest oil producer. As of November 2023, the country contributed an average of 1.37 million barrels per day to global oil production. This report sheds light on the intricate dynamics shaping petrol prices globally, with Nigeria emerging as a notable player in the realm of affordable fuel.
