Average wage can only buy 500 liters of fuel in Nigeria--Picodi analytics | Day Break News
Connect with us

Business

Average wage can only buy 500 liters of fuel in Nigeria–Picodi analytics

Picodi an economic research firm has release an interest report which compares how many litres of petrol that can be purchased with an average salary in Africa and around the world

The report indicates that Nigeria ranked 5th among 17 researched African countries and shows that with the average Nigerian wage you can get only 501 litres of petrol

South Africa takes the lead with 1215 litres

The cheapest petrol in Africa can be found in Algeria. According to the report.

Worldwide the best situation are citizens of Qatar (6476 litres) and the worst off are Cubans (26 litres)

The report also shows that Petrol price is dependent on many different factors such as crude oil prices on the international markets or taxes or margins established by gas stations’ owners.

The value of 1 litre of petrol at the retail point of sale however according to the report may change overnight, in some countries even by the hour.

According to its findings possessing a rich supply of natural resources does not always mean that petrol will be more accessible for an average consumer.

Based on its methodoly it observed that in Africa, the cheapest petrol can be found in Algeria — on average, for one litre of petrol you would have to pay 35 cents (converted from dinars). In contrast, filling the tank is the most expensive in Mauritius where the average price for one litre is $1.33.

The best ratio of petrol price to the average salary in our part of the world can be observed in South Africa and Namibia. The average wages there are enough to buy 1215 and 986 litres of liquid gold respectively.

Algeria, with 777 litres, takes the third place among the 17 researched countries.

Nigeria came 5th place in the report. Here you can get 501 litres of petrol with the average salary. However an average Nigerian places lower than an average Equatoguinean which placed 4th place with 526 litres but higher than an average Kenyan which came 6th place with 450 litres and an Egyptian (8th place with 409 litres).

Lower in the ranking are countries like Uganda, Cameroon and Zambia. In these places, the report noted that the average salary allows for buying no more than 200 litres of petrol

The most disadvantaged are people from Madagascar who can buy only 42 litres of petrol with their average salary.

GlobLly, the lowest amount of petrol can be bought in Cuba (26 litres), Madagascar (42 litres) and Tajikistan (131 litres).

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending