In the recently published report titled ‘Global Petrol Prices, Octane-95, January 1, 2024,’ striking differences in gasoline costs around the world have been unveiled. Nigeria ranks as the 22nd country with the most economical petrol prices globally, revealing significant diversity in fuel expenses among nations.
The report underscores that the average worldwide gasoline price stands at $1.29 per liter. However, substantial variations exist, primarily attributed to diverse tax and subsidy structures shaping retail prices.
Notably, the United States stands out as an economic powerhouse with comparatively lower gas prices.
As per data compiled by Global Petrol Prices, Iran claims the title for the world’s cheapest gasoline at $0.029 per liter, while Hong Kong reports the highest price at $3.101 per liter.
Major oil-producing countries such as Libya, Venezuela, Kuwait, and Saudi Arabia enjoy notably low domestic fuel costs.
Iran leads the list with gasoline priced at $0.029 per liter, followed by Libya at $0.031 and Venezuela at $0.035. On the other end are regions burdened by high fuel taxes, with Hong Kong topping the ranking at $3.101 per liter.
European countries consistently display higher prices, with Monaco at $2.353 and Norway at $2.052 per liter.
Among the countries sampled, the United States records $0.911 per liter, closely aligning with the global average of $1.30. Nigeria stands at $0.722, Brazil at $1.150, and India at $1.252.
Despite being Africa’s largest oil producer, Nigeria has encountered challenges in meeting anticipated oil production levels. As of November 2023, the country produced 1.37 million barrels per day, according to OPEC. However, self-reported figures to OPEC revealed a production of only 1.25 million barrels per day for the same period.
The global disparity in gasoline prices underscores the influence of varying tax and subsidy policies, shedding light on the economic factors impacting fuel costs across different countries.
