Petrol: Nigeria’s Pump Price Ranks 6th Cheapest In Africa, 22nd Globally

A recently published report by Global Petrol Prices has ranked Nigeria as the 6th in Africa and 22nd country worldwide with the cheapest petrol pump price as of January 1, 2024.

Iran and Libya, which are both member-states of the Organization of the Petroleum Exporting Countries (OPEC), ranked first and second respectively as the countries with the cheapest gasoline prices worldwide.

According to the report, the average price of gasoline around the world is $1.30 (N1,200) per liter.

Nigeria’s average petrol price stands at $0.722 (N660.25) as of January 8, 2024.

The report also highlighted the substantial disparities in petrol prices influenced by the diverse taxes and subsidies on fuel production within individual countries.

“All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different,” the report stated.