A new report has revealed vast differences in gasoline costs across the world, with Nigeria ranked 22nd in the cheapest petrol price category globally.
The report titled ‘Global Petrol Prices, Octane-95, January 1, 2024’, as posted on their website, also revealed some countries paying over 100 times more for petrol.
“The average price of gasoline around the world is 1.29 US Dollars per litre. However, there is a substantial difference in these prices among countries.
“As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S. which is an economically advanced country but has low gas prices.
“The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a…