February 29, 2024
Nigeria Ranked 22nd Country With Least Expensive Petrol Price
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Nigeria Ranked 22nd Country With Least Expensive Petrol Price

Nigeria has been ranked 22nd on a list of countries with the least expensive petrol.

The comparative report, titled ‘Gasoline Prices, Octane-95’, puts the average price of petrol around the world at 1 Dollar and 30 Cents per litre, that is N1,188:80k. Nigeria’s average petrol price stands at $0.722c, that is N660:25k, as of  2024.

The report also says that as a general rule, richer countries have higher prices, while poorer countries and the countries that produce and export oil, have significantly lower prices.

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Top of the ranking was Iran with an average petrol price of $0.029, that is N26:52k,  closely followed by Libya as the African country with the least expensive petrol price occupying the 2nd spot at $0.031, or N28:35k,  and Venezuela occupied the 3rd spot

It also said the differences in prices across countries are due to the various taxes and subsidies for gasoline.

Similarly, Nigeria placed as the 67th  country in the area of average Diesel price per litre at $1.174, while Venezuela, Iran and Libya take the top positions.

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