Nigeria Ranked 22nd Country With Least Expensive Petrol Price – Report
Featured, Latest Headlines, News Across Nigeria Sunday, January 7th, 2024
(AFRICAN EXAMINER) – A report comparing the prices of gasoline (petrol) in various countries has ranked Nigeria as 22nd on the list of countries with the least expensive petrol prices.
The report titled “Gasoline Prices, Octane-95” dated early in the month revealed that the average price of petrol around the world is 1.30 U.S. Dollars per litre.
Nigeria’s average petrol price stands at $0.722 (N660.25), as of 2024
It also disclosed that “As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices.”
Top of the ranking was Iran with an average gasoline price of $0.029 closely followed by Libya as the African country with the least expensive petrol price occupying the 2nd spot at $0.031 and Venuezela occupied the 3rd spot
One notable exception was the United States. which is an economically advanced country but has low gas prices. which came in at $0.911 (N833.08) per litre,
It also said the differences in prices across countries are due to the various taxes and subsidies for gasoline.
Similarly, Nigeria placed as the 67th country in the area of average Diesel price per litre at $1.174, while Venezuela, Iran and Libya take the top positions.
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