A recently published report on global petrol prices has highlighted significant variations in gasoline costs worldwide, positioning Nigeria as the 22nd country with the most affordable petrol prices globally. The report, titled ‘Global Petrol Prices, Octane-95, January 1, 2024,’ underscores the considerable differences in fuel prices among nations.
The average global price for gasoline is noted as $1.29 US Dollars per litre. The report indicates that wealthier countries generally exhibit higher petrol prices, while less affluent nations, particularly those that produce and export oil, tend to have considerably lower prices. However, the United States is cited as an exception, being economically advanced yet maintaining lower gas prices, attributed in part to subsidies.
The report emphasizes that countries access the same petroleum prices in international markets but choose to impose varying taxes, resulting in divergent retail gasoline prices.
According to the data compiled by Global Petrol Prices and presented in the report as of January 2024, Iran boasts the world’s lowest gasoline price at just $0.029 (N26.52) per litre. In contrast, Hong Kong holds the highest price at $3.101 (N2,835.77) per litre.
Notably, major oil-producing countries such as Libya, Venezuela, Kuwait, and Saudi Arabia enjoy significantly low domestic fuel costs. Iran leads with $0.029 (N26.52), followed by Libya at $0.031 (N28.35) and Venezuela at $0.035 (N32.01). The report sheds light on the dynamics influencing global petrol prices and underscores the diverse economic factors contributing to these variations.
