Nigeria has been listed as the 22nd country with the most affordable fuel prices globally in a recent report comparing the costs of Premium Motor Spirit (PMS) worldwide.
According to the report dated January 1, 2024, titled “Gasoline Prices, Octane-95,” the average worldwide petrol price is $1.29 per litre.
Nigeria’s average petrol price stands at $0.722 (N660.25), as of January 8 2024.
The report also highlighted the substantial disparities in petrol prices influenced by the diverse taxes and subsidies on fuel production within individual countries.
Iran claims the top position for providing the world’s most inexpensive gasoline, priced at an exceptionally low $0.029 (equivalent to N26.52) per litre, while Hong Kong takes the lead with the highest recorded price of $3.101 (approximately N2,835.77) per litre.
Notably, major oil-producing nations such as Libya, Venezuela, Kuwait, and Saudi Arabia enjoy considerably low domestic fuel costs.
High fuel tax imposition is evident in countries like Hong Kong, where the price is $3.101 (approximately N2,835.77) per litre, and in European nations such as Monaco and Norway, contributing to consistently rising petrol prices.