A recent report titled ‘Global Petrol Prices, Octane-95, January 1, 2024′ has highlighted the substantial discrepancies in gasoline prices worldwide, positioning Nigeria as the 22nd country with the most affordable petrol on a global scale.

The report, accessible on their website, highlights the average global gasoline price at 1.29 US dollars per litre, drawing attention to the significant variations influenced by individual countries’ diverse taxes and subsidies.

“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 differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different,” the report said.

Iran secures the top spot for offering the world’s cheapest gasoline at a remarkably low $0.029 (equivalent to N26.52) per litre, while Hong Kong leads with the highest price recorded 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.

https://tribuneonlineng.com/nigeria-ranks-22nd-for-cheapest-petrol-report/?fbclid=IwAR3Eyy5L0lHseKngZ-qHD4BbA52gzji3TUiy6omvii3X4GWqIjX0211MYvI

See Full List here:
https://www.globalpetrolprices.com/gasoline_prices/

Even though fuel is more cheaper in Nigeria, our minimum wage is also very poor compared to the countries fuel is expensive

It doesn't matter how "cheap" they can claim fuel is, how much is minimum wage? How can we be buying fuel at almost the same price with countries where people earn over $500 monthly(about 600k naira) as minimum wage?? And you call that cheap?!¿? Are we insane in this country?? ?? ?? This is just a ridiculous attempt at justifying how expensive PMS has become, its dead on arrival!

This would have been easier to read if it was a bar chart/histogram or something of such nature.

The marketers in advanced countries are making a kill then. If we sell at 0.722 USD with little or no subsidy, anyone selling at above 1.2 USD is making a kill.

Affordable indeed! When majority of the population can't even boosts of N500 a whole week.

What is the Nigeria ranking in minimum wages?

Nwodosis:
What is the Nigeria ranking in minimum wages?

What's the rent and expenses in those places too?

More information are needed

They want to increase fuel price again.
Do those countries with high fuel price have a high unemployment rate?How much is their minimum wage?
Do they refine fuel abroad and import back into their country to sell?
Do they have months of blackout like Nigeria?
A whole opec country cannot boast of a functional refinery.
The media is even helping to drive this wicked move by Tinubu and Akpabio after sending prayers to lawmakers mailboxes.
Na that fuel go explode for inside that Una convoy

Nigerian Journalist have received brown envelope to wet the ground for fuel price increase , Everytime they want to wickedly increase price these evil journalist start writing such lying articles of how fuel is cheap in Nigeria ..now they are comparing Nigerian fuel which I consider the most expensive on earth with Hong Kong that imports even water..They will never compare minimum wage or GDP per Capita .. foolish fools

Yes

Nigerians are

Have you compared the minimum wage in other countries with ours? And the employment rate?

E fit shock you say countries wen no get crude oil,dey top us ..

Then fix the minimum wage

1. Nigeria is an oil producing country it should be compared to other oil producing countries. You can see Nigeria pales

2. The GDP of those countries Nigeria seem to be ahead of are far higher and they can afford it far more than an average Nigeria can afford the so called by cheap price

3. Check the minimum wage of those countries. The minimum wage in Australia is more than 10million Naira so what is a fuel of 2k per liter mean to them compared their minimum wage

4. Government of those countries provide good and cheap transport system and constant light. So little need for hydrocarbon in those countries where it is expensive

What kind of nonsense statistics is this? Is this an attempt to justify the ridiculous PMS pump price in Nigeria?

We should be among 1st 10.
I hope once our refineries starts working the ranking will drop.

Abi the person weh de number 1 better pass us?

God bless Nigeria...

Another useless analysis.. A country that has been blessed with so much resources

..

The want use this as a basis to increase the PMS price to N1,500

nairalandkachy1:


https://tribuneonlineng.com/nigeria-ranks-22nd-for-cheapest-petrol-report/?fbclid=IwAR3Eyy5L0lHseKngZ-qHD4BbA52gzji3TUiy6omvii3X4GWqIjX0211MYvI

See Full List here:
https://www.globalpetrolprices.com/gasoline_prices/

Hmmmm

Nigerians are crying because they are not even seeing the money to buy the fuel...
At least for UK here.... The average pay is 10 pounds per hour....
So if u work 5hrs each day... That's 50 pounds and if u work 6 days a week.... That's 300 pounds.....
If u work in a month.... U earn at least 1200......
Change that to Nigerian naira.... We are talking almost 2m per month....
Meanwhile the average wage in 9ja is not even up to 50k and yet we are spending as much as 1k per liter on fuel.....
9ja is one of the cheapest countries to live in around the world and that also makes it one of the worst and poorest countries to live in......
May God help us... Heal the land and propel us to that place where He alone has designed for us and may everyone reading this prosper even as well all have planned..... Amen

Check for the countries that are oil-producing and the price attached to their petrol.

We should be 1st or second, if Nigeria is not a fail project.