A report comparing the prices of gasoline (petrol) in various countries has revealed that Nigeria has been ranked 22nd on the list of countries with the least expensive petrol prices. The report, titled Gasoline Prices, Octane-95, disclosed that the average price of petrol worldwide is $1.30 per litre. However, Nigeria’s average petrol price stands at $0.722 (N660.25) as of 2024.
The report emphasized that richer countries tend to have higher petrol prices, while poorer countries and oil-producing nations have significantly lower prices. Interestingly, Iran claimed the top spot with an average gasoline price of $0.029 per litre, closely followed by Libya in second place with $0.031 per litre. Venezuela secured the third spot.
One noteworthy exception to this trend is the United States, an economically advanced country with relatively lower gas prices. The US recorded a price of $0.911 (N833.08) per litre.
The disparity in petrol prices among countries can be attributed to varying taxes and subsidies in place. These factors play a significant role in determining the price consumers pay at the pump.
The ranking sheds light on Nigeria’s relatively affordable petrol prices compared to many other countries. This information is crucial for both local citizens and international observers, as petrol prices have a direct impact on transportation costs and the economy at large.
The report’s findings offer valuable insights into the global landscape of petrol prices, serving as a reference point for policymakers, analysts, and businesses operating in the energy sector. Understanding the factors influencing petrol prices can aid in formulating strategies to ensure affordability and stability in the market.
It is important to note that the ranking does not solely reflect the economic health or the prosperity of a particular country. Instead, it highlights the dynamics of petrol prices and the various influences that shape them.
In conclusion, Nigeria’s ranking as the 22nd country with the least expensive petrol prices underscores the unique circumstances surrounding the affordability of petrol in the country. The report provides valuable information for all stakeholders and serves as a basis for further analysis and policy considerations in the energy sector. As petrol prices continue to fluctuate globally, such reports enable countries to compare their standing and make informed decisions regarding taxes, subsidies, and other factors affecting petrol prices.
