A recent report has unveiled significant disparities in the price of petrol globally, wherein Nigeria is positioned 22nd in the category of the least expensive petrol prices worldwide.
The website-posted report entitled “Global Petrol Prices, Octane-95, January 1, 2024” also disclosed that certain nations are reimbursing petrol prices that are more than a hundred times higher.
“Globally, the mean cost of petrol per liter is 1.29 US dollars.” Nevertheless, significant variation exists in these costs across different nations.
“In general, prices are substantially higher in wealthier nations and countries that produce and export oil than poorer nations.” An exceptional case is the United States, an economically developed nation characterized by relatively modest gas prices.
“The variations in petroleum prices between nations are attributable to the various taxes and subsidies imposed on the fuel.” Despite having access to the same petroleum prices on international markets, each nation imposes a unique tax policy. The report stated that this has led to a variation in the retail price of petroleum.
Based on data aggregated by Global Petrol Prices and illustrated in the report’s chart, January 2024 reveals that Iran offers the most affordable gasoline globally at a rate of $0.029 (N26.52) per liter. In contrast, Hong Kong commands the maximum price of $3.101 (N2,835.77) per liter.
Several significant oil-producing nations, such as Saudi Arabia, Libya, Venezuela, and Kuwait, benefit from exceptionally economical domestic petroleum expenses. Following Iran at $0.029 (N26.52) is Venezuela at $0.035 (N32.01) and Libya at $0.031 (N28.35).
On the opposite end of the continuum are nations and cities that impose substantial fuel taxes. Hong Kong has the most expensive gasoline in the classification, at $3.101 per liter (N2,835.77). Consistently, costs are greater in Europe; for instance, drivers in Monaco incur a cost of $2.353 (N2,151.75), whereas those in Norway pay $2.052 (N1,876.49).
The cost per liter for the United States, among the countries included in the sample, was $0.911 (N833.08), comparable to the worldwide average of $1.30 (N1,188.81). Brazil has one ringgit (N1,051.64), Nigeria has one ringgit ($1.252; N660.25); and India has one ringgit ($1.252; N1,144.92).
The Organization of Petroleum Exporting Countries reports that Nigeria has encountered challenges in fulfilling its projected oil production levels in recent months.
Nigeria maintained its position as the leading oil producer in Africa as of November 2023, producing 1.37 million barrels per day, according to secondary sources monitored by OPEC. In contrast, Nigeria’s November self-reported production figures to OPEC indicated a mere daily output of 1.25 million barrels.
"As per secondary sources, the average daily crude oil production of OPEC-13 in November 2023 was 27.84 mb/d, reflecting a monthly decline of 57 tb/d. “Output of crude oil increased primarily in Kuwait, Venezuela, and Libya, while output decreased in Iraq, Angola, and Nigeria,” OPEC stated in its report for December 2023.
According to Global Petrol Prices, Octane-95, January 1, 2024, the following nations and their respective prices are as follows (without regard to order):
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