A recent report on global petrol prices highlights significant disparities in fuel costs worldwide, placing Nigeria 22nd among the countries with the most affordable petrol prices.
Published as the ‘Global Petrol Prices, Octane-95, January 1, 2024,’ the report showcased startling contrasts in petrol pricing globally.
It noted that while the average global petrol price stands at $1.29 per litre, vast differences exist among nations, largely attributed to varying taxes and subsidies.
Iran boasts the lowest petrol prices at $0.029 per litre, while Hong Kong tops the chart at a staggering $3.101 per litre.
Notably, oil-producing nations like Libya, Venezuela, Kuwait, and Saudi Arabia enjoy exceptionally low domestic fuel costs.
Nigeria’s petrol price of $0.722 per litre positions it as one of the more economical choices.
Comparatively, the United States hovers around the global average at $0.911 per litre, while Brazil stands at $1.150 and India at $1.252.
The report detailed other global prices, emphasizing the immense contrast between nations benefiting from low domestic fuel costs and those imposing substantial taxes.
European nations like Monaco ($2.353) and Norway ($2.052) reflect the high end of the price spectrum, significantly above the global average.
Despite this ranking, data from the Organisation of Petroleum Exporting Countries (OPEC) indicates Nigeria’s recent challenges in meeting anticipated oil production levels.
While still Africa’s largest oil producer, discrepancies in production figures between self-reported and secondary sources have impacted the country’s oil output.
The report’s extensive list of global petrol prices provides an illuminating snapshot of the vast differences in fuel costs across countries.
