Emmanuel OchayiA report unveiling disparities in global gasoline prices, showcases Nigeria ranking 22nd in the list of countries with the cheapest petrol globally.
According to the ‘Global Petrol Prices, Octane-95, January 1, 2024′ report, diverse factors such as taxes, subsidies, and oil production heavily influence these variations.
Highlighting the disparity, the report mentions Iran boasting the world’s lowest petrol price at just $0.029 per litre, while Hong Kong stands at the opposite extreme, hitting $3.101 per litre.
Notably, major oil-producing nations like Libya, Venezuela, Kuwait, and Saudi Arabia enjoy remarkably low domestic fuel costs, contrasting with regions burdened by hefty fuel taxes.
Amidst this petrol price spectrum, Nigeria’s self-reported oil production figures to OPEC faced a shortfall.
Despite being Africa’s largest oil producer, the nation encountered challenges in meeting anticipated oil production levels in recent months, contributing to fluctuations in its domestic petrol pricing.
The report underlines how this intricate blend of global economics, taxation policies, and oil production dynamics intricately shapes petrol prices across nations, ultimately affecting consumers worldwide.
The full list:
Iran: $0.029
Libya: $0.031
Venezuela: $0.035
Kuwait: $0.342
Algeria: $0.342
Egypt: $0.403
Kazakhstan: $0.534
Russia: $0.617
Saudi Arabia: $0.621
Nigeria: $0.722
UAE: $0.738
Argentina: $0.818
Indonesia: $0.874
USA: $0.911
Pakistan: $0.958
Bangladesh: $1.136
China: $1.146
Brazil: $1.150
Turkey: $1.169
Australia: $1.173
South Korea: $1.203
South Africa: $1.205
Canada: $1.239
Japan: $1.242
India: $1.252
Ukraine: $1.410
Mexico: $1.423
Chile: $1.441
Czechia: $1.607
Spain: $1.688
UK: $1.801
Germany: $1.910
Italy: $1.954
France: $1.968
Finland: $1.980
Switzerland: $2.028
Norway: $2.052
Netherlands: $2.085
Denmark: $2.114
Monaco: $2.353
Hong Kong: $3.101
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