In a recent report assessing Premium Motor Spirit (PMS) costs worldwide, Nigeria has secured the 22nd position for the most affordable fuel prices globally. The report, dated January 1, 2024, and titled “Gasoline Prices, Octane-95,” provides insights into the average worldwide petrol price, which stands at $1.29 per litre.
As of January 8, 2024, Nigeria’s average petrol price is $0.722 (N660.25), positioning the country among nations with relatively inexpensive fuel. The report underlines the significant disparities in petrol prices globally, attributing these variations to diverse taxes and subsidies on fuel production within individual countries.
The report notes, “The average price of gasoline around the world is $1.29 per litre. However, there is a substantial difference in these prices among countries.” It further emphasizes the influence of taxes and subsidies on the retail price of gasoline, resulting in varying costs worldwide.
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. Conversely, Hong Kong takes the lead with the highest recorded price of $3.101 (approximately N2,835.77) per litre, reflecting high fuel tax imposition.
Nigeria’s standing at $0.722 per litre showcases the nation’s commitment to providing affordable petrol despite the removal of the subsidy on the pump price of fuel by President Bola Tinubu on May 29, 2023, leading to a significant price increase. Nigeria continues to be recognized as one of the countries with the most economical fuel costs, reinforcing its status as Africa’s largest oil producer, contributing an average of 1.37 million barrels per day as reported in November 2023.
