There are 97 oil producing countries in the world, the top three being the United States, Russia and Saudi Arabia. Among these three, Saudi Arabia and Russia top the list of oil exporting countries in the world, as the United States of America consumes most of the fuel produced in the country.

In 2022, the total oil produced in the world averaged 80,618,895 barrels per day. About 70 per cent of this figure came from the top 10 countries. Aside from the aforementioned top three, other major oil producers include Canada, Brazil, China, Iraq, United Arab Emirates, Iran and Kuwait.

OPEC member countries, combined, produce 58 per cent of the world’s petroleum. Not every oil producing country in the world belongs to OPEC. Only 13 out of the 97 oil producing countries belong to OPEC. Nigeria currently occupies the 15th position among the 97 oil producing countries in the world accounting for about 1,316, 415 barrels per day.

Among the OPEC member countries, however, Nigeria is ranked 6th, behind Saudi Arabia, Iraq, United Arab Emirates, Iran and Kuwait. Other OPEC countries ranked below Nigeria, in descending order, include Algeria, Angola, Libya, Venezuela, Republic of Congo, Gabon and Equatorial Guinea.

Saturday Sun checks reveal that the country offering the cheapest PMS in the world is Venezuela. Venezuela is an OPEC country from South America, but it doesn’t rank among the top 20 oil producing countries in the world. In fact, it ranks below Nigeria, and occupies the 22nd position, but it still has a considerable amount of oil reserves.

The cost of PMS is also cheap in Libya, with a litre costing just N14. Libya is the fourth largest oil producer in Africa, after Nigeria, Algeria and Angola. Iran makes up the number of the countries in the world where PMS is cheapest to buy from a filling station.

Among the top four oil producing countries in Africa, PMS costs the most in Nigeria. Before the recent removal of fuel subsidy, the cost of PMS was slightly higher in Nigeria compared to Algeria, Angola and Libya.

After Libya, the cheapest place to buy fuel in Africa is Angola, where a litre currently sells for N122. It is followed by Algeria, where a litre is sold for N156. At N185 per litre before the recent hike, Nigeria was among the top ten countries in the world with the cheapest gasoline rate per litre.

But with the recent hike, Nigeria has joined the league of nations where gasoline is fairly expensive to buy. A litre of fuel, at N488 in the commercial city of Lagos, where it is the cheapest, is still higher than what presently obtains in Egypt, Kazakhstan, Iraq, Witar, Saudi Arabia, Ecuador, Saudi Arabia, Russia, Sudan, Indonesia, Colombia, Malaysia, Oman, etcetera.

Countries from around the world where the price of a litre of PMS is in the same range, slightly higher or cheaper than Nigeria’s, by 2nd week of June, 2023, include Syria (N473), Paraguay (N476), Panama (487), Brazil (N489), Benin Republic (N492), Philippines (N492), Botswana (N495), Sierra Leone (N506), Australia (N512), Ethiopia (N521), Togo (N530), Burundi (N533), South Africa (N535), Ghana (N544), China (N544) and Japan (N558). The Principality of Monaco and Hong Kong are the two most expensive places in the world to buy a litre of PMS (N1,031 and N1,374 respectively).

Cost of petrol in some oil producing countries

Venezuela N2; Libya N14; Iran N13; Angola N122; Algeria N156; Kuwait N158; Egypt N173; Kazakhstan N224; Nigeria N488; Iraq N264; Qatar N266; Saudi Arabia N287; Ecuador N292; Russia N299; Sudan N405; Indonesia N391; Colombia N323; India N582; Norway N959; Mexico N652; Brazil N482; UAE N357; Canada N624

Cost of living in some OPEC countries

Saturday Sun investigations show that, while the cost of living is lower in North African oil producing countries like Algeria and Libya, cost of living in Angola and Gabon is higher than it is in Nigeria.


Algeria

The North African nation of Algeria is currently the second highest oil producing country in Africa after Nigeria. On the average, the cost of living in Algeria is 8.4 per cent lower than in Nigeria. Rent in Algeria is, on average, 80.2 per cent lower than in Nigeria.

Meal at an inexpensive Restaurant is N1,009; Meal for 2 people, Mid-range restaurant, Three-course: N6, 729. McMeal at McDonalds (or Equivalent combo meal) N1,682; Domestic beer (50 cl) N672.91; Imported beer (33 cl litre) N841.14; Coke/Pepsi (0.33 cl) N225.07; Water (0.33 cl) N93.82; Milk (1 litre) N360; Loaf of Fresh White Bread (500g) N74.80; Rice (white), (1kg) N518.03; Eggs (regular) (12) N696.98; Local Cheese (1kg) N3,154.21; Chicken Filets (1kg) N1,973.34; Beef Round (1kg) (or Equivalent Back Leg Red Meat) N5,302.17; Apples (1kg) N1,246.39; Banana (1kg) N1,351.08; Oranges (1kg) N631.44; Tomato (1kg) N319.75;

Potato (1kg) N265.40; Onion (1kg) N188.05; Lettuce (1 head) n239.10; Water (1.5 litre bottle) N122.89; Bottle of Wine (Mid-Range) N3,028.10; Cigarettes 20 Pack (Marlboro) N1,110; One-way Bus Ticket (Local) N84.11; Taxi 1km (Normal Tariff) N201.87; Taxi 1 hour Waiting (Normal Tariff) N1,682.28; Gasoline (1 litre) N146.87; Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) N11,775,945; Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) N11,863,893.70.

Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment N19,840.95

Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) N13,513.81

Sports And Leisure

Fitness Club, Monthly Fee for 1 Adult N8,086.44; Cinema, International Release, 1 Seat N1,682.

Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child N27,947.93

1 Pair of Jeans (Levis 501 or Similar) N15,676.91; 1 Pair of Nike Running Shoes (Mid-Range) N30,422.50; 1 Pair of Men Leather Business Shoes N33,471.21;

Apartment (1 bedroom) rent in City Centre N79,336.54; Apartment (1 bedroom) Outside of Centre N48,944.74; Apartment (3 bedrooms) in City Centre N129,340.24; Apartment (3 bedrooms) Outside of Centre N85,272.80


Average Monthly Net Salary (After Tax) N121,976.54


Libya

Cost of living in Libya is, on average, 20.6 per cent lower than in Nigeria. In fact, rent in Libya is 76.3% lower than in Nigeria on the average.

Meal in an inexpensive restaurant: N1,911.50; Meal for 2 People, Mid-range Restaurant, Three-course: N11,469.02; McMeal at McDonalds (or Equivalent Combo Meal): N1,876.74;

Domestic non-alcoholic beer (50 cl): N382; Imported Non-Alcoholic Beer (33 cl): N286.73;

Coke/Pepsi (33 cl): N216.82; Water (33 litre cl): N75.27; Milk (regular), (1 litre): N427.74; Loaf of Fresh White Bread (500g) N177.66; Rice (white), (1kg) N450.35; Eggs (regular) (12) N613.35; Local Cheese (1kg): N2,752.26; Chicken Fillets (1kg) N1,443.26; Beef Round (1kg) (or Equivalent Back Leg Red Meat) : N3,902.49; Apples (1kg): N798.29; Banana (1kg): M544.30; Oranges (1kg); N378.56; Tomato (1kg): N267.51; Potato (1kg): N298.16; Onion (1kg): N293.37; Lettuce (1 head) N264.16; Water (1.5 liter bottle): N117.73; Bottle of Non-Alcoholic Wine (Mid-Range): N669.03; Domestic Non-Alcoholic Beer (50 cl bottle): N367.66;

Imported Non-Alcoholic Beer (33 cl bottle): N376.33; Cigarettes 20 Pack (Marlboro): N1,051.33

One-way Bus Ticket (Local Transport) N191.15; Taxi 1km (Normal Tariff) N469; Taxi 1 hour Waiting (Normal Tariff) N2,628; Gasoline (1 litre) N14

Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) N7,168,134.80

Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) N6,944,230

Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment N14,054

Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) N12,505

Fitness Club, Monthly Fee for 1 Adult N10,731.23; Tennis Court Rent (1 Hour on Weekend) N6,753.41; Cinema, International Release, 1 Seat N2,389.38

Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child N30,602.53

1 Pair of Jeans (Levis 501 Or Similar) N15,053.08; 1 Pair of Nike Running Shoes (Mid-Range) N21,280.03; 1 Pair of Men Leather Business Shoes N25,996.44

Apartment (1 bedroom) rent per month in City Centre: N82,649.46; Apartment (1 bedroom) Outside of Centre: N49,561.05; Apartment (3 bedrooms) in City Centre N180,530.80 per month: Apartment (3 bedrooms) Outside of Centre M97,450.03 per month;

Average Monthly Net Salary (After Tax) N140,095


Angola

Saturday Sun checks reveal that the cost of living in Angola is, on average, 71.7 per cent higher than in Nigeria. Rent in Angola is, on average, 128.9 per cent higher than in Nigeria.

Meal in an Average Restaurant N3,609.39; Meal for 2 People, Mid-range Restaurant, Three-course N27,860.03; McMeal at McDonalds (or Equivalent Combo Meal) N3,914.22

Domestic Beer (50 cl) N897.97; Imported Beer (33cl) N587.50: Coke/Pepsi (33 cl) N821.81

Water (33 cl) N537.19; Milk (1 litre) N805; Loaf of Fresh White Bread (500g) N758.70; Rice (white), (1kg) N409.59: Eggs (regular) (12) N1,227.44; Local Cheese (1kg) N4,902.03

Chicken Filets (1kg) N2,888.03; Beef Round (1kg) (or Equivalent Back Leg Red Meat) N5,856.47; Apples (1kg) N1,379.30; Banana (1kg) N378.33; Oranges (1kg) N1,951.89;

Tomato (1kg) N894.74; Potato (1kg) N765.10; Onion (1kg) N790.58; Lettuce (1 head) N514.44; Water (1.5 litre bottle) N259.82; Bottle of Wine (Mid-Range) N4,181.79; Domestic Beer (50 cl) N316.62; Imported Beer (33 cl); N395.26; Cigarettes 20 Pack (Marlboro) N1,097.11;

One-way Bus Ticket (Local Transport) N161.44; Taxi 1km (Normal Tariff) N769.06;

Taxi 1 hour Waiting (Normal Tariff) N3,683.97; Gasoline (1 litre) N164.24;

Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) N9,640,793.96

Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) N12,295,980.55

Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment N35,962.49

Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) N85,818.44; Fitness Club, Monthly Fee for 1 Adult N18,441.22; Cinema, International Release, 1 Seat N2,496.63

Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child N234,295.42

1 Pair of Jeans (Levis 501 or Similar) N44,186.71; 1 Pair of Nike Running Shoes (Mid-Range) N116,380.40; 1 Pair of Men Leather Business Shoes N109,643.84

Apartment (1 bedroom) in City Centre N159,712.68 rent per month; Apartment (1 bedroom) Outside of Centre N37,231.06 per month; Apartment (3 bedrooms) in City Centre N3,168,238.46; Apartment (3 bedrooms) Outside of Centre N601,647.05

Average Monthly Net Salary (After Tax) N1,508,611.40


Gabon

The cost of living in Gabon, from Saturday Sun findings, is, on average, 96 per cent higher than in Nigeria. Rent in Gabon is, on average, 45.1 per cent higher than in Nigeria.

Meal at Inexpensive Restaurant N7,282.80; Meal for 2 People, Mid-range Restaurant, Three-course N37,900.52; McMeal at McDonalds (or Equivalent Combo Meal) N5,495.58

Domestic Beer (50 cl) N454.81; Imported Beer (33 cl); N758.01; Coke/Pepsi (33 cl) N397.96

Water (33 cl) N397.96; Milk (1 litre) N914.35; Loaf of Fresh White Bread (500g) N720.11

Rice (white), (1kg) N1,070.69; Eggs (regular) (12) N1,572.87; Local Cheese (1kg) N4,263.81; Chicken Filets (1kg) N4,396.46; Beef Round (1kg) (or Equivalent Back Leg Red Meat) N1,440.22; Apples (1kg) N1,465.49; Banana (1kg) N1,642.36 Oranges (1kg) N2,236.13; Tomato (1kg) N1,212.82; Potato (1kg) N1,061.21

Onion (1kg) N1,421.27; Lettuce (1 head) N947.51; Water (1.5 litre bottle) N644.31;

Bottle of Wine (Mid-Range) N3,790.05; Domestic Beer (50 cl) N480.07

Imported Beer (33 cl) N884: Cigarettes 20 Pack (Marlboro) N1,137.02;

One-way Bus Ticket (Local Trans) Taxi 1km (Normal Tariff) N568.51

Taxi 1 hour Waiting (Normal Tariff) N7,580.10; Gasoline (1 litre) N494.60

Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) N14,023,192.80

Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) N12,128,166.75

Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment N50,534.03

Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) N31,583.77

Fitness Club, Monthly Fee for 1 Adult N31,267.93; Cinema, International Release, 1 Seat N3,790.0

Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child N61,904.18

1 Pair of Jeans (Levis 501 Or Similar) N24,003.66; 1 Pair of Nike Running Shoes (Mid-Range) N36,005.50; 1 Pair of Men Leather Business Shoes N43,585.60

Apartment (1 bedroom) in City Centre N492,706.77 per month; Apartment (1 bedroom) Outside of Centre N265,303.65 per month; Apartment (3 bedrooms) in City Centre N1,212,816.67; Apartment (3 bedrooms) Outside of Centre N593,774.83

Average Monthly Net Salary (After Tax) N202,136.11

9jahotblog:
Nigerians political leaders are just suffering us niii

nairalanda1:


If they kept the subsidy...we would have eventually run out of money...and IMF would have refused to borrow money anymore.

The true suffering would start.

LadyExcellency:


Cutting the peñis and sealing the vargîna is not a solution to curb high libido.

nairalanda1:


Removing subsidy is more like dealing with the source of the high libido, not cutting anything (and I don't advise self mutilation by the by )


The problem with subsidy is that the difference between the production and transport cost AND the subsidized retail price is always growing...and it keeps growing, until one day, we wake up and we are shoveling all our oil revenue, AND borrowed money to pay for subsides.

Add the fact that oil revenues have not been sufficient for us for years, and the naira value is falling, ....and at the end, we could be spending far more than we earn to keep fuel cheap.

At some point, IMF would start telling us to get our house in order, or no more loans.

It's a mess, personally I think we need subsidy because people are poor (me mask slipped), but if we do not want to end up like Sri Lanka , we have to remove subsidies now.

LadyExcellency:


For your information, Libido is a natural phenomenon and hence has no source to blame. You make laws that help people exercise constraint.

You misunderstood the whole argument. Nobody is against removing subsidies from petroleum products. The actual prices are inflated as compared to our neighbours.

nairalanda1:


If they kept the subsidy...we would have eventually run out of money...and IMF would have refused to borrow us money anymore.

Then true suffering would start.

9jahotblog:
are we not suffering niii? Inflation is at high side

nairalanda1:


The kind of suffering that would make our current suffering look like child's play is what would happen.

9jahotblog:
it will be raised to power 100 in Tinubu era. Buhari own will be child’s play

nairalanda1:


Yeah, APC is not good, but if subsidy had not been removed, whoever was is power, we would have been in serious fiscal trobule sooner

There is a reason why all three candidates and several smaller candidates all said subsidy had to go.

(No, I don't support nor do I vote for APC, and regard them as failures).

9jahotblog:
no preparation before subsidy removal, it’s still the people on the street that will suffered for it

nairalanda1:


Removing subsidy is more like dealing with the source of the high libido, not cutting anything (and I don't advise self mutilation by the by )


The problem with subsidy is that the difference between the production and transport cost AND the subsidized retail price is always growing...and it keeps growing, until one day, we wake up and we are shoveling all our oil revenue, AND borrowed money to pay for subsides.

Add the fact that oil revenues have not been sufficient for us for years, and the naira value is falling, ....and at the end, we could be spending far more than we earn to keep fuel cheap.

At some point, IMF would start telling us to get our house in order, or no more loans.

It's a mess, personally I think we need subsidy because people are poor (me mask slipped), but if we do not want to end up like Sri Lanka , we have to remove subsidy now.

nairalanda1:


Removing subsidy is more like dealing with the source of the high libido, not cutting anything (and I don't advise self mutilation by the by )


The problem with subsidy is that the difference between the production and transport cost AND the subsidized retail price is always growing...and it keeps growing, until one day, we wake up and we are shoveling all our oil revenue, AND borrowed money to pay for subsides.

Add the fact that oil revenues have not been sufficient for us for years, and the naira value is falling, ....and at the end, we could be spending far more than we earn to keep fuel cheap.

At some point, IMF would start telling us to get our house in order, or no more loans.

It's a mess, personally I think we need subsidy because people are poor (me mask slipped), but if we do not want to end up like Sri Lanka , we have to remove subsidy now.

XY23:
Again, you people will ignore the monster in the room: CORRUPTION. Now that the HOR confirmed license was issued to Dangote to import petrol, but that they can't rescind it, what is our fate? The burden of the same subsidy payment (in kind) has been transferred to the masses. The singular reason Nigeria may never work is because we prefer to embolden strong men rather than build strong institutions.

ezechi242:


i disagree with you on this, subsidy actually is'nt the problem here, the problem are the corrupt government officials stealing from the government while pretending the payments are meant for subsidy.

now they have removed subsidy but still importing fuel at the masses expense, and the monies saved from subsidy would still be looted just as its been looted while pretending to be paying for subsidy.

yes subsidy had to go, but not at this time that the country is in a mess.

Ventura1:
Did this comparison factor in the population of these countries? I doubt.

LIBYA: The current population of Libya is 7,146,669 as of Friday, June 16, 2023, based on Worldometer elaboration of the latest United Nations data
Libya Crude Oil: Production was reported at 1,164.000 Barrel/Day th in Feb 2023

ALGERIA: The current population of Algeria is 46,185,544 as of Friday, June 16, 2023, based on Worldometer elaboration of the latest United Nations data. 2023
Algeria Crude Oil Production was reported at 1,013.000 Barrel/Day in Mar 2023.

NIGERIA: The current population of Nigeria is 221,210,114 as of Friday, June 16, 2023, based on Worldometer elaboration of the latest United Nations data
Nigeria Crude Oil: Production was reported at 1,380.000 Barrel/Day th in Feb 2023

LadyExcellency:
The cost (N500) in Nigeria 🇳🇬 is high.

Nigeria was selling at N195 and Benin Republic domestic fuel sold at CFA508 (N381), so the smuggler took that advantage to exploit Niger’s market, selling below our litre price. - Benin Republic Reports.

The actual price of petrol in Benin Republic is N381