A recent report titled ‘Global Petrol Prices, Octane-95, January 1, 2024′ has highlighted significant disparities in gasoline costs worldwide, with Nigeria ranking 22nd in the category of countries with the cheapest petrol prices.
The average global price of gasoline is $1.29 per liter, with variations attributed to factors such as taxes and subsidies. The report reveals that wealthier nations tend to have higher fuel prices, while oil-producing countries often enjoy lower domestic fuel costs. However, the United States stands out as an economically advanced nation with relatively low gas prices.
Iran tops the list as the country with the world’s cheapest gasoline, priced at just $0.029 per liter, while Hong Kong has the highest gasoline price globally at $3.101 per liter.
In the context of this report, Nigeria is positioned favorably as the 22nd country with the cheapest petrol prices, with a cost of $0.722 per liter. This reflects the impact of subsidies and taxation policies on fuel pricing in different nations.
The report also outlines petrol prices for other countries, showcasing the vast range of costs. For instance, the United States is listed at $0.911 per liter, Brazil at $1.150, and India at $1.252.
Despite being Africa’s largest oil producer, Nigeria has faced challenges meeting expected oil production levels in recent months. The discrepancy between self-reported production figures and secondary sources is evident in November 2023 data from the Organisation of the Petroleum Exporting Countries (OPEC). While Nigeria self-reported 1.25 million barrels per day, secondary sources reported 1.37 million barrels per day.
This report sheds light on the complex interplay of factors influencing petrol prices globally and positions Nigeria among the countries with more affordable gasoline costs.