Nigeria ranked 6th country with cheapest petrol price in Africa, 22nd globally

Nigeria has been ranked as the sixth country with the cheapest price of Premium Motor Spirit (PMS) popularly known as petrol in Africa and the 22nd globally.

This is according to a new report released on January 1, 2024 has shown.

Nigeria’s average petrol price stands at $0.722 equivalent to N657 according to the report.

The report by Global Petrol Prices titled Gasoline Prices; Octane-95 listed Libya as the country with the cheapest petrol price in Africa at $0.031 (N28.35).

Other African countries with cheap petrol prices include Algeria, $0.342 (N311); Angola $0.362 (N329); Egypt, $0.403 (N366); Sudan, $0.700 (N637); and Nigeria $0.722 (N657)

On the global index, Nigeria was listed as the 22nd country with the most affordable fuel prices.

According to data compiled by Global Petrol Prices and presented on a chart in the report, as of January 2024, Iran has the world’s cheapest gasoline at just $0.029 (N26.52) per litre, while Hong Kong has the highest price at $3.101 (N2,835.77) per litre.

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Several major oil-producing countries, including Libya, Venezuela, Kuwait, and Saudi Arabia, enjoy very low domestic fuel costs. Iran tops the list at $0.029 (N26.52), followed by Libya at $0.031 (N28.35) and Venezuela at $0.035 (N32.01).

“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.

By Babajide Okeowo

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