- As of January 2024, Global Petrol Prices data shows Iran boasts the world’s cheapest gasoline at $0.029 (N26.52) per litre, contrasting starkly with Hong Kong’s highest price of $3.101 (N2,835.77) per litre
A new report has revealed vast differences in gasoline costs across the world, with Nigeria ranked 22nd in the cheapest petrol price category globally.
The report titled ‘Global Petrol Prices, Octane-95, January 1, 2024’, as posted on their website, also revealed some countries paying over 100 times more for petrol.
“The average price of gasoline around the world is 1.29 US Dollars per litre. However, there is a substantial difference in these prices among countries.
“As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S. which is an economically advanced country but has low gas prices.
“The differences in prices across countries are due to the various taxes and subsidies for gasoline. 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 said.
As of January 2024, Global Petrol Prices data shows Iran boasts the world’s cheapest gasoline at $0.029 (N26.52) per litre, contrasting starkly with Hong Kong’s highest price of $3.101 (N2,835.77) per litre.
Oil-producing nations like Libya, Venezuela, Kuwait, and Saudi Arabia enjoy notably low domestic fuel costs. Iran leads at $0.029 (N26.52), followed by Libya at $0.031 (N28.35), and Venezuela at $0.035 (N32.01).
Conversely, high taxes on fuel contribute to soaring prices in regions like Hong Kong, topping the list at $3.101 (N2,835.77) per litre. European rates remain consistently elevated, with Monaco at $2.353 (N2,151.75) and Norway at $2.052 (N1,876.49).
Examining other nations, the United States registers at $0.911 (N833.08) per litre, around the global average of $1.30 (N1,188.81). Nigeria stands at $0.722 (N660.25), Brazil at $1.150 (N1,051.64), and India at $1.252 (N1,144.92).
Despite its status as Africa’s largest oil producer, Nigeria faced challenges in meeting anticipated oil production levels in recent months. November 2023 data from the Organisation of Petroleum Exporting Countries (OPEC) showcased Nigeria’s output at 1.37 million barrels per day according to secondary sources. However, Nigeria’s self-reported figures to OPEC for November reflected a lower output of 1.25 million barrels per day.
“According to secondary sources, total OPEC-13 crude oil production averaged 27.84mb/d in November 2023, lower by 57 tb/d, m-o-m. Crude oil output increased mainly in Venezuela, Libya, and Kuwait, while production in Iraq, Angola, and Nigeria decreased,” OPEC said in its December 2023 report.
Some of the countries listed and their prices, according to Global Petrol Prices, Octane-95, January 1, 2024, are (in no particular order):
Iran: $0.029
Libya: $0.031
Venezuela: $0.035
Kuwait: $0.342
Algeria: $0.342
Egypt: $0.403
Kazakhstan: $0.534
Russia: $0.617
Saudi Arabia: $0.621
Nigeria: $0.722
UAE: $0.738
Argentina: $0.818
Indonesia: $0.874
USA: $0.911
Pakistan: $0.958
Bangladesh: $1.136
China: $1.146
Brazil: $1.150
Turkey: $1.169
Australia: $1.173
South Korea: $1.203
South Africa: $1.205
Canada: $1.239
Japan: $1.242
India: $1.252
Ukraine: $1.410
Mexico: $1.423
Chile: $1.441
Czechia: $1.607
Spain: $1.688
UK: $1.801
Germany: $1.910
Italy: $1.954
France: $1.968
Finland: $1.980
Switzerland: $2.028
Norway: $2.052
Netherlands: $2.085
Denmark: $2.114
Monaco: $2.353
Hong Kong: $3.101