A new report detailing global petroleum prices has placed Nigeria in 22nd position ahead of the United Arab Emirates (UAE), USA and China in the cheapest petrol price category.
The report titled ‘Global Petrol Prices, Octane-95, January 1, 2024’, published by globalpetrolprices.com pegged the average price of gasoline around the world as 1.30 U.S. Dollars per litre (₦1149.85) but also revealed that some countries currently pay over 100 times more for petrol.
Nigeria according to the report, pays $0.722 (₦638.61) per litre.
As of November 2023, Nigeria’s 1.37 million barrels per day output placed it as Africa’s largest oil producer according to secondary sources tracked by OPEC.
The report showed that as of January 2024, Iran had the cheapest petrol pump at just $0.029 (₦26.52) per litre, the next country with the cheapest petrol pump price was Lybia at $0.031 (₦27.42) and Venezuela at $0.035 (₦30.96).
Meanwhile, at the other end of the spectrum are cities and countries with high taxes on fuel like Hong Kong which has the highest price at $3.101 (₦2,835.77) per litre. Following closely with the highest petrol pump price was Monaco at $2.353 (₦2081.23) and Iceland at $2.325 (₦2056.46)
The report further showed that consumers in several major oil-producing countries, including Libya, Venezuela, Kuwait, and Saudi Arabia, pay meagre amounts for domestic fuel.
“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 report stated.
The United States came in at $0.911 (₦833.08) per litre, putting it near the global average of $1.30 (₦1,188.81).
The pump price for other African countries like Liberia stands at $1.021 (₦903.07), Ghana at $1.033 (₦913.69), and Benin at $1.145 (₦1012.75), Togo at $1.179 (₦1042.83).