Titled ‘Global Petrol Prices, Octane-95, January 1, 2024,’ a recent report has underscored significant variations in gasoline prices worldwide, ranking Nigeria as the 22nd country with the most affordable petrol on a global scale. Accessible on the respective website, the report emphasizes the average global gasoline price at 1.29 US dollars per litre, shedding light on substantial differences influenced by diverse taxes and subsidies in individual countries.
The report notes, “The average price of gasoline worldwide is 1.29 US dollars per litre. However, there are substantial differences among countries. Generally, richer countries tend to have higher prices, while poorer nations and those producing and exporting oil maintain significantly lower prices. An exception is the U.S., an economically advanced country with low gas prices.”
Explaining the variations, the report states, “The differences in prices across countries stem from various taxes and subsidies for gasoline. While all countries have access to the same international petroleum prices, they choose to impose different taxes, resulting in varied retail gasoline prices.”
Iran claims the top spot for offering the world’s cheapest gasoline at an impressively low $0.029 (equivalent to N26.52) per litre, while Hong Kong leads with the highest recorded price at $3.101 (approximately N2,835.77) per litre. Notably, major oil-producing nations such as Libya, Venezuela, Kuwait, and Saudi Arabia enjoy considerably low domestic fuel costs.
Iran leads the list at $0.029 (equivalent to N26.52) per litre, followed by Libya at $0.031 (around N28.35) and Venezuela at $0.035 (approximately N32.01).
Countries imposing high fuel taxes, like Hong Kong at $3.101 (about N2,835.77) per litre, and European nations like Monaco and Norway, exhibit consistently higher petrol prices.
Within this context, Nigeria is positioned at $0.722 (equal to N660.25) per litre, highlighting its status among the countries offering affordable petrol.
Other notable prices mentioned include the United States at $0.911 (around N833.08), Brazil at $1.150 (approximately N1,051.64), and India at $1.252 (equivalent to N1,144.92).
Despite Nigeria facing challenges in meeting anticipated oil production levels, it maintains its position as Africa’s largest oil producer, contributing an average of 1.37 million barrels per day as of November 2023.