Nigeria Ranks 22nd For Cheapest Petrol Worldwide

Nigeria Ranks 22nd For Cheapest Petrol Worldwide

A new report has revealed vast differences in gasoline costs across the world, with Nigeria ranked 22nd in the cheapest petrol price category globally

Nigeria is the 22nd-cheapest country in the world for Premium Motor Spirit (PMS) prices.

As per the recently released report titled 'Global Petrol Prices, Octane-95', which was published on January 1, 2024, most countries now pay over 100 times more for gasoline.

The average cost of gasoline worldwide is 1.30 U.S. dollars per liter, according to a report that compared the prices of patrol in different nations.

As of 2024, the average cost of gasoline in Nigeria is $0.722 (N660.25).

As stated in the report, “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 result, the retail price of gasoline is different.”

As of January 2024, Iran has the lowest gasoline prices in the world, at just $0.029 (N26.52) per liter, while Hong Kong has the highest price, at $3.101 (N2,835.77) per liter, according to data compiled by Global Petrol Prices and displayed on a chart in the report.

Saudi Arabia, Kuwait, Venezuela, Libya, and many other major oil-producing nations have extremely low domestic fuel prices. Iran is first on the list with $0.029 (N26.52), followed by Venezuela with $0.035 (N32.01) and Libya with $0.031 (N28.35).

Cities and nations with high fuel taxes are at the other end of the list. Hong Kong remained high in the ranking with gasoline at $3.101 (N2,835.77) per litre. Prices in Europe are consistently higher, with drivers in Monaco paying $2.353 (N2,151.75) and those in Norway paying $2.052 (N1,876.49).