A recent report on global petrol prices, titled ‘Global Petrol Prices, Octane-95, January 1, 2024,’ reveals significant variations in gasoline costs worldwide, positioning Nigeria as the 22nd country with the cheapest petrol.
The report emphasizes that richer nations generally exhibit higher prices, while poorer nations and oil-producing countries often enjoy lower prices due to subsidies and taxes. Notably, the United States stands out as an economically advanced country with comparatively low gas prices.
As of January 2024, Iran boasts the world’s cheapest gasoline at $0.029 (N26.52) per liter, while Hong Kong tops the list with the highest price at $3.101 (N2,835.77) per liter. Among major oil-producing nations, Libya, Venezuela, Kuwait, and Saudi Arabia experience remarkably low domestic fuel costs.
The report provides a snapshot of petrol prices in various countries, showcasing examples like the United States at $0.911 (N833.08), Nigeria at $0.722 (N660.25), Brazil at $1.150 (N1,051.64), and India at $1.252 (N1,144.92). Despite being Africa’s largest oil producer, Nigeria faces challenges in meeting expected production levels, reporting discrepancies between self-reported and secondary sources data.
It’s worth noting that the global average gasoline price is $1.30 (N1,188.81) per liter. The disparities in prices stem from a combination of international petroleum costs, taxes, and subsidies implemented by individual countries.