A recent global report on petrol prices has positioned Nigeria as the 22nd country with the most affordable petrol, according to data from Global Petrol Prices. The report, titled ‘Global Petrol Prices, Octane-95, January 1, 2024,’ reveals significant disparities in gasoline costs worldwide.
As of January 2024, Iran holds the top spot for the world’s cheapest gasoline at just $0.029 (approximately N26.52) per litre. On the other end of the spectrum, Hong Kong has the highest petrol prices at $3.101 (equivalent to N2,835.77) per litre.
The average global petrol price stands at $1.29 per litre, with variations attributed to different taxes and subsidies imposed by individual countries. Wealthier nations typically have higher petrol prices, while oil-producing and exporting countries, including some in the Middle East and Africa, enjoy lower costs.
In the context of sample countries, the United States ranks near the global average at $0.911 (about N833.08) per litre, while Nigeria is positioned at $0.722 (approximately N660.25). Other notable countries include Brazil at $1.150 (N1,051.64) and India at $1.252 (N1,144.92).
Nigeria, despite being Africa’s largest oil producer, has faced challenges in meeting its expected oil production levels. The report emphasizes that petrol prices are influenced by factors such as taxes, subsidies, and international market conditions.
The disparity in petrol prices globally reflects the varying economic conditions and policies implemented by individual countries, impacting the affordability of fuel for their populations. The report provides insights into the complexities of the global petrol market and highlights Nigeria’s position among the countries with relatively lower petrol prices.
