Nigeria has been listed because the twenty second nation with essentially the most inexpensive gas costs globally in a latest report evaluating the prices of Premium Motor Spirit (PMS) worldwide.
In keeping with the report dated January 1, 2024, titled “Gasoline Costs, Octane-95,” the typical worldwide petrol worth is $1.29 per litre.
Nigeria’s common petrol worth stands at $0.722 (N660.25), as of January 8 2024.
The report additionally highlighted the substantial disparities in petrol costs influenced by the varied taxes and subsidies on gas manufacturing inside particular person international locations.
- “The typical worth of gasoline all over the world is $1.29 per litre. Nonetheless, there’s a substantial distinction in these costs amongst international locations.
- “As a common rule, richer international locations have larger 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 fuel 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 determine to impose totally different taxes. Because of this, the retail worth of gasoline is totally different,” the report famous.
Extra Insights
Iran claims the highest place for offering the world’s most cheap gasoline, priced at an exceptionally low $0.029 (equal to N26.52) per litre, whereas Hong Kong takes the lead with the very best recorded worth of $3.101 (roughly N2,835.77) per litre.
Notably, main oil-producing nations resembling Libya, Venezuela, Kuwait, and Saudi Arabia take pleasure in significantly low home gas prices.
Excessive gas tax imposition is clear in international locations like Hong Kong, the place the worth is $3.101 (roughly N2,835.77) per litre, and in European nations resembling Monaco and Norway, contributing to persistently rising petrol costs.
Nigeria Rating
- Inside this context, Nigeria is located at $0.722 (equal to N660.25) per litre, showcasing its standing amongst nations offering inexpensive petrol.
- It’s noteworthy that the subsidy on the pump worth of gas was eliminated by President Bola Tinubu on Could 29, 2023, leading to a dramatic improve within the worth of the commodity.
- In the meantime, Nigeria nonetheless maintains its place as one of many international locations with essentially the most cheap gas value compared with different international locations.
- As well as, Nigeria, regardless of going through challenges in assembly anticipated oil manufacturing, continues to carry the highest spot as Africa’s largest oil producer, contributing a mean of 1.37 million barrels per day as reported in November 2023.
