A brand new report has revealed huge variations in gasoline prices internationally, with Nigeria ranked twenty second within the least expensive petrol worth class globally.
The report titled ‘World Petrol Costs, Octane-95, January 1, 2024’, as posted on their web site, additionally revealed some international locations paying over 100 occasions extra for petrol.
“The typical worth of gasoline around the globe is 1.29 US {Dollars} per litre. Nonetheless, there’s a substantial distinction in these costs amongst international locations.
“As a basic rule, richer international locations have increased costs whereas poorer international locations and the international locations that produce and export oil have considerably decrease costs. One notable exception is the U.S. which is an economically superior nation however has low gasoline costs.
“The variations in costs throughout international locations are as a result of varied taxes and subsidies for gasoline. All international locations have entry to the identical petroleum costs of worldwide markets however then resolve to impose completely different taxes. Because of this, the retail worth of gasoline is completely different,” the report stated.
In accordance with knowledge compiled by World Petrol Costs and introduced on a chart within the report, as of January 2024, Iran has the world’s least expensive gasoline at simply $0.029 (N26.52) per litre, whereas Hong Kong has the best worth at $3.101 (N2,835.77) per litre.
A number of main oil-producing international locations, together with Libya, Venezuela, Kuwait, and Saudi Arabia, get pleasure from very low home gas prices. Iran tops the checklist at $0.029 (N26.52), adopted by Libya at $0.031 (N28.35) and Venezuela at $0.035 (N32.01).
On the different finish of the spectrum are cities and international locations with excessive taxes on gas. Hong Kong tops the rating with gasoline at $3.101 (N2,835.77) per litre. Costs in Europe are constantly increased, with drivers in Monaco paying $2.353 (N2,151.75) and people in Norway paying $2.052 (N1,876.49).
Amongst different pattern international locations, the US got here in at $0.911 (N833.08) per litre, placing it close to the worldwide common of $1.30 (N1,188.81). Nigeria stands at $0.722 (N660.25), Brazil at $1.150 (N1,051.64), and India at $1.252 (N1,144.92).
In accordance with knowledge from the Organisation of Petroleum Exporting Nations, Nigeria has struggled to fulfill its anticipated oil manufacturing ranges in current months.
As of November 2023, Nigeria remained Africa’s largest oil producer, churning out 1.37 million barrels per day, in accordance with secondary sources tracked by OPEC. Nonetheless, Nigeria’s self-reported manufacturing figures on to OPEC for November confirmed output of just one.25 million barrels per day.
“In accordance with secondary sources, whole OPEC-13 crude oil manufacturing averaged 27.84mb/d in November 2023, decrease by 57 tb/d, m-o-m. Crude oil output elevated primarily in Venezuela, Libya, and Kuwait, whereas manufacturing in Iraq, Angola, and Nigeria decreased,” OPEC stated in its December 2023 report.
Among the international locations listed and their costs, in accordance with World Petrol Costs, Octane-95, January 1, 2024, are (in no explicit 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