A recent report, ‘Global Petrol Prices, Octane-95, January 1, 2024,’ has highlighted significant disparities in gasoline costs worldwide, positioning Nigeria at 22nd place for the cheapest petrol globally.
The average global gasoline price stands at $1.29 per liter, showcasing notable variations among countries. Typically, wealthier nations exhibit higher prices, whereas less affluent countries and major oil exporters tend to have lower prices. The United States stands out as an exception, being economically advanced but maintaining lower gas prices.
The report emphasizes that variations in gasoline prices result from diverse tax and subsidy policies. While countries share access to international petroleum markets, they impose distinct taxes, leading to varying retail prices.
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As of January 2024, Iran boasts the world’s cheapest gasoline at $0.029 per liter, while Hong Kong tops the list with the highest price at $3.101 per liter. Notably, major oil-producing nations like Libya, Venezuela, Kuwait, and Saudi Arabia enjoy remarkably low domestic fuel costs.
In contrast, regions with high fuel taxes, such as Hong Kong and several European countries, demonstrate elevated gasoline prices. For instance, Monaco and Norway experience prices of $2.353 and $2.052 per liter, respectively.
Among the sample countries mentioned, the United States aligns closely with the global average at $0.911 per liter. Nigeria secures a notable position with petrol priced at $0.722 per liter, Brazil at $1.150, and India at $1.252.
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Despite its standing in the petrol price index, Nigeria has faced challenges meeting its expected oil production levels. According to OPEC data, Nigeria, as of November 2023, remained Africa’s largest oil producer but reported a production output of 1.25 million barrels per day, lower than expected.
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The report concludes with a comprehensive list of countries and their respective petrol prices, illustrating the global spectrum from Iran’s $0.029 to Hong Kong’s $3.101 per liter.
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This report sheds light on the multifaceted factors influencing petrol prices globally and Nigeria’s notable position in this dynamic landscape.
See Countries With Petrol Prices Below:
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
