Nigeria has been ranked 22nd for having some of the most affordable gasoline prices globally, according to a recent comparative report.
The study, titled “Gasoline Prices, Octane-95,” conducted earlier this month, revealed that the average price of petrol worldwide is $1.30 per litre.
As of 2024, Nigeria’s average petrol price stands at $0.722 (N660.25), reinforcing the trend that oil-producing countries tend to have lower gasoline prices.
Iran claims the top spot with an astonishingly low average gasoline price of $0.029 per litre, closely followed by Libya at $0.031, securing the second position. Venezuela occupies the third spot in this ranking.
An interesting exception noted in the report is the United States, an economically advanced country with relatively low gas prices at $0.911 (N833.08) per litre. The report attributes the differences in prices across countries to various taxes and subsidies for gasoline.
Shifting the focus to diesel prices, Nigeria is positioned as the 67th country globally for its average diesel price per litre, which stands at $1.174.
In contrast, Venezuela, Iran, and Libya take the top positions in the diesel price ranking. This report sheds light on the complex factors influencing fuel prices globally, emphasizing the impact of taxation and subsidies on these variations.
