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Nairaland Forum / Nairaland / General / Politics / Report Ranks Nigeria 22nd Country With Cheapest Petrol (see List) (198 Views)
Nigeria Regains Cheapest Petrol In West Africa Title / Nigeria Ranks 22nd In Cheapest Petrol Prices Globally - Global Petrol Prices / Fact Check: Is Nigeria Selling The Cheapest Petrol In Africa? (2) (3) (4)
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Report Ranks Nigeria 22nd Country With Cheapest Petrol (see List) by FreeStuffsNG: 9:45pm On Jan 07 |
Report ranks Nigeria 22nd country with cheapest petrol 7th January 2024 By Makua Ubanagu 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. According to data compiled by Global Petrol Prices and presented on a chart in the report, as of January 2024, Iran has the world’s cheapest gasoline at just $0.029 (N26.52) per litre, while Hong Kong has the highest price at $3.101 (N2,835.77) per litre. Several major oil-producing countries, including Libya, Venezuela, Kuwait, and Saudi Arabia, enjoy very low domestic fuel costs. Iran tops the list at $0.029 (N26.52), followed by Libya at $0.031 (N28.35) and Venezuela at $0.035 (N32.01). At the other end of the spectrum are cities and countries with high taxes on fuel. Hong Kong tops the ranking with gasoline at $3.101 (N2,835.77) per litre. Prices in Europe are consistently higher, with drivers in Monaco paying $2.353 (N2,151.75) and those in Norway paying $2.052 (N1,876.49). Among other sample countries, the United States came in at $0.911 (N833.08) per litre, putting it near 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). According to data from the Organisation of Petroleum Exporting Countries, Nigeria has struggled to meet its expected oil production levels in recent months. As of November 2023, Nigeria remained Africa’s largest oil producer, churning out 1.37 million barrels per day, according to secondary sources tracked by OPEC. However, Nigeria’s self-reported production figures directly to OPEC for November showed output of only 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 https://punchng.com/report-ranks-nigeria-22nd-country-with-cheapest-petrol/ Mynd44 nlfpmod
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Re: Report Ranks Nigeria 22nd Country With Cheapest Petrol (see List) by FreeStuffsNG: 9:45pm On Jan 07 |
Among other sample countries, the United States came in at $0.911 (N833.08) per litre, putting it near 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). It's obvious that we may still be subsidising petrol for our neighbouring countries and FG must stop this sabotage of petrol smuggling from Nigeria to other countries. |
Re: Report Ranks Nigeria 22nd Country With Cheapest Petrol (see List) by nabiz(m): 9:49pm On Jan 07 |
Once you start reading this type of propaganda have it in mind that fuel will soon go up. The always pay media to write rubbish but the same media will not talk about the minimum wage of other countries 1 Like |
Re: Report Ranks Nigeria 22nd Country With Cheapest Petrol (see List) by Keaton(m): 9:49pm On Jan 07 |
You came late oga. Your Apc propaganda has already been decimated on FP 3 Likes |
Re: Report Ranks Nigeria 22nd Country With Cheapest Petrol (see List) by Bethel4Life(f): 9:55pm On Jan 07 |
Apc and propaganda are 5n 6 |
Re: Report Ranks Nigeria 22nd Country With Cheapest Petrol (see List) by FreeStuffsNG: 9:57pm On Jan 07 |
nabiz: Good2go1: I am not sure you read the report. Smh. Bringing minimum wage with petrol prices is not smart if you ignore the disposable income left after tax. The VAT in UK is 20% and the PAYE is so excruciating that you will struggle to be able to build or buy houses without debt (mortgage) so please don't derail the thread by bringing up incomplete terms. Read the report and you will understand that FG is actually putting money in your pocket every time you buy petrol in Nigeria. It's not sustainable so be financially wise while it lasts. 1 Share
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Re: Report Ranks Nigeria 22nd Country With Cheapest Petrol (see List) by Raskimonojendor: 9:59pm On Jan 07 |
FreeStuffsNG:This is a better representation of the list. 1 Like 1 Share |
Re: Report Ranks Nigeria 22nd Country With Cheapest Petrol (see List) by MasterJayJay: 10:21pm On Jan 07 |
FreeStuffsNG: You no see Iran, Algeria? Your APC Tinubu said subsidy is gone and you are still saying we are subsidising for neighbouring countries. Do you even know the meaning of subsidy? 3 Likes |
Re: Report Ranks Nigeria 22nd Country With Cheapest Petrol (see List) by FreeStuffsNG: 10:30pm On Jan 07 |
MasterJayJay:Read my post again slowly to understand. If neighbouring countries receive our stolen petrol and don't pay all the expected taxes and freight then we are losing money which in turn subsidise the smuggled Nigerian petrol in their countries. All the smugglers can be stopped so that they will join the official channels of export and pay the necessary taxes to export petrol to our neighbouring countries. Instead of going to Europe to get petrol they will import from us instead of feeding on smuggled petrol from Nigeria. |
Re: Report Ranks Nigeria 22nd Country With Cheapest Petrol (see List) by Good2go1: 10:34pm On Jan 07 |
Why don't compare patrol price with minimum wages of those countries FreeStuffsNG: 1 Like |
Re: Report Ranks Nigeria 22nd Country With Cheapest Petrol (see List) by fergie001: 10:47pm On Jan 07 |
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