A current report titled ‘International Petrol Costs, Octane-95, January 1, 2024′ has highlighted the substantial discrepancies in gasoline costs worldwide, positioning Nigeria because the twenty second nation with essentially the most reasonably priced petrol on a worldwide scale.
The report, accessible on their web site, highlights the typical international gasoline value at 1.29 US {dollars} per litre, drawing consideration to the numerous variations influenced by particular person nations’ numerous taxes and subsidies.
“The common value of gasoline world wide is 1.29 US {dollars} per litre. Nonetheless, there’s a substantial distinction in these costs amongst nations.
“As a common rule, richer nations have larger costs, whereas poorer nations and the nations 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 fuel costs.
“The variations in costs throughout nations are because of the numerous taxes and subsidies for gasoline. All nations have entry to the identical petroleum costs of worldwide markets however then resolve to impose totally different taxes. In consequence, the retail value of gasoline is totally different,” the report stated.
Iran secures the highest spot for providing the world’s least expensive gasoline at a remarkably low $0.029 (equal to N26.52) per litre, whereas Hong Kong leads with the very best value recorded at $3.101 (roughly N2,835.77) per litre.
Notably, main oil-producing nations corresponding to Libya, Venezuela, Kuwait, and Saudi Arabia get pleasure from significantly low home gasoline prices.
Iran leads the checklist at $0.029 (equal to N26.52) per litre, adopted by Libya at $0.031 (round N28.35) and Venezuela at $0.035 (roughly N32.01).
International locations imposing excessive gasoline taxes, like Hong Kong at $3.101 (about N2,835.77) per litre, and European nations like Monaco and Norway, exhibit persistently larger petrol costs.
Inside this context, Nigeria is positioned at $0.722 (equal to N660.25) per litre, highlighting its standing among the many nations providing reasonably priced petrol.
Different notable costs talked about embrace the USA at $0.911 (round N833.08), Brazil at $1.150 (roughly N1,051.64), and India at $1.252 (equal to N1,144.92).
Regardless of Nigeria dealing with challenges in assembly anticipated oil manufacturing ranges, it maintains its place as Africa’s largest oil producer, contributing a mean of 1.37 million barrels per day as of November 2023.
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