NAIRAMETRICS
Nigeria has been listed as the 22nd country with the most affordable fuel prices globally in a recent report comparing the costs of Premium Motor Spirit (PMS) worldwide.
According to the report dated January 1, 2024, titled “Gasoline Prices, Octane-95,” the average worldwide petrol price is $1.29 per litre.
Nigeria’s average petrol price stands at $0.722 (N660.25), as of January 8 2024.
The report also highlighted the substantial disparities in petrol prices influenced by the diverse taxes and subsidies on fuel production within individual countries.
- “The average price of gasoline around the world is $1.29 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 result, the retail price of gasoline is different,” the report noted.
More Insights
Iran claims the top position for providing the world’s most inexpensive gasoline, priced at an exceptionally low $0.029 (equivalent to N26.52) per litre, while Hong Kong takes the lead with the highest recorded price of $3.101 (approximately N2,835.77) per litre.
Notably, major oil-producing nations such as Libya, Venezuela, Kuwait, and Saudi Arabia enjoy considerably low domestic fuel costs.
