Nigeria Ranks 22nd for Least Expensive Petrol Prices Globally in Latest Report

A recent report assessing global gasoline (petrol) prices has positioned Nigeria as the 22nd country with the most budget-friendly petrol rates. Titled “Gasoline Prices, Octane-95,” the report, dated early in the month, disclosed that the average worldwide petrol price stands at $1.30 per litre.

Nigeria’s average petrol price, as of 2024, stands at $0.722 (N660.25) per litre, earning the country a noteworthy spot among nations offering economical fuel. The report emphasized a general correlation between a country’s wealth and its petrol prices, with wealthier nations generally having higher prices.

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Iran secured the top position globally with an astonishingly low average gasoline price of $0.029 per litre, closely trailed by Libya at $0.031, making it the African nation with the most affordable petrol. Venezuela secured the third spot in this ranking.

An intriguing outlier in the report was the United States, an economically advanced country that surprisingly boasts low gas prices, standing at $0.911 (N833.08) per litre. The report attributed such variations to the influence of taxes and subsidies on gasoline prices across different countries.

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In a similar vein, Nigeria claimed the 67th spot globally for average diesel prices per litre, recording $1.174. Meanwhile, Venezuela, Iran, and Libya dominated the top positions in this category.

The report sheds light on the complex interplay of economic factors, taxes, and subsidies that contribute to the disparities in petrol and diesel prices worldwide. As consumers navigate these variations, Nigeria stands out as a nation where petrol remains relatively affordable.

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