A recent report titled ‘Global Petrol Prices, Octane-95, January 1, 2024’ has shed light on the substantial variations in gasoline costs worldwide, positioning Nigeria as the 22nd country with the cheapest petrol globally.
The report, available on their website, underscores the average global gasoline price at 1.29 US Dollars per litre, emphasizing the significant disparities shaped by diverse taxes and subsidies imposed by individual countries.
Iran claims the title for the world’s cheapest gasoline at a mere $0.029 (N26.52) per litre, while Hong Kong tops the list for the highest price at $3.101 (N2,835.77) per litre.
Major oil-producing nations like Libya, Venezuela, Kuwait, and Saudi Arabia benefit from remarkably low domestic fuel costs, with Iran leading at $0.029 (N26.52), followed by Libya at $0.031 (N28.35), and Venezuela at $0.035 (N32.01).
Countries with high fuel taxes, such as Hong Kong at $3.101 (N2,835.77) per litre, and European nations like Monaco and Norway, exhibit consistently higher prices.
In this context, Nigeria is positioned at $0.722 (N660.25) per litre, aligning with its status as one of the countries with affordable petrol. Other noteworthy prices include the United States at $0.911 (N833.08), Brazil at $1.150 (N1,051.64), and India at $1.252 (N1,144.92).
While Nigeria has faced challenges meeting expected oil production levels, it remains Africa’s largest oil producer, contributing 1.37 million barrels per day as of November 2023. However, there is a noted discrepancy between self-reported production figures and secondary sources tracked by OPEC.
As the government endeavors to ensure quality and affordability in the fuel sector, the global report highlights the importance of understanding the dynamic factors influencing petrol prices and the economic implications for both oil-producing and consuming nations.
