With a pump price of N145 ($0.40) per litre, Nigeria has been ranked as the eighth cheapest place in the world to buy petrol.

Other countries among the cheapest places to buy petrol are Venezuela ($0.01), Turkmenistan ($0.29), Kuwait ($0.35), Iran ($0.36), Egypt ($0.37), Algeria ($0.37), Ecuador ($0.39), Bahrain ($0.42) and Syria ($0.44).

The average price of petrol around the world is $1.12 (N403.2) per litre, according to GlobalPetrolPrices.com, which publishes data on retail fuel prices around the world and tracking over 150 countries on a weekly basis.

In its latest weekly global fuel price review (January 2, 2018), it noted that the international oil benchmark, Brent crude, reached $66.9 per barrel during the past week.

“The crude oil price increase pushed up the retail fuel prices around the world and the world average gasoline (petrol) price increased to a level of $1.09 per litre. The world average diesel price also went up by a cent,” it stated.

The report noted that the beginning of 2018 was marked by retail fuel price changes in many countries with regulated fuel markets, but the most significant petrol price change was observed in Algeria, where the government approved a 17.5 per cent increase of the official annual retail price of petrol.

It said the European average petrol price was $1.46 per litre, marking a 0.5 per cent weekly increase.

Petrol prices also went up by 1.2 per cent in the United States; 0.9 per cent in Africa; 0.7 per cent in Asia; and 0.4 per cent in Canada. But in Australia, petrol prices decreased by 1.3 per cent, while the average regional petrol price of South America remained unchanged compared to the previous week.

There was a decrease in 13 of the 107 reviewed countries, no change in 54 countries, and an increase in 40 countries.

Petrol prices went down by more than one per cent in Finland, Cape Verde, Australia, the Cayman Islands and South Africa, while the United Arab Emirates, Algeria, France, and Pakistan saw more than three per cent increase in prices.

The report said, “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 US, 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 (petrol). 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.”

http://investorsking.com/nigeria-among-10-cheapest-places-buy-petrol-report/

Campaign for petrol increment has begun! Can they put the cost of petrol for the countries that sell higher side by side with their minimum wages?

So because Nigeria is the cheapest place to buy petrol, we should fold our hands and allow oil Marketers continue to Rob us through artificial scarcity they created?

Why didn't you quote the GDP per capita and the minimum wage of those countries you're pitching Nigeria with so that we will see the hypocritical nature of your article.

Rubbish.

BlackAfrican:
So because Nigeria is the cheapest place to buy petrol, we should fold our hands and allow oil Marketers continue to Rob us through artificial scarcity they created?

Why didn't you quote the GDP per capita and the minimum wage of those countries you're pitching Nigeria with so that we will see the hypocritical nature of your article.

Rubbish.

Is it the marketers that want to increase the petrol price?
Haba, why are you economical with the TRUTH? Is Buhari that's in charge my dear.

APC Research.

Lol, what is the value of naira to dollar? All those developed countries you mentioned op, edge their currencies to dollar. What is the standard of living in those countries?

thesicilian:
APC Research.

APC research walahi.... One important factor not considered is the minimum wage in those countries

thesicilian:
APC Research.

APC Research Institution my brother.

BlackAfrican:
So because Nigeria is the cheapest place to buy petrol, we should fold our hands and allow oil Marketers continue to Rob us through artificial scarcity they created?

Why didn't you quote the GDP per capita and the minimum wage of those countries you're pitching Nigeria with so that we will see the hypocritical nature of your article.

Rubbish.

Who's in charge of the government? Buhari or Oil Marketers?

Nwodosis:

Is it the marketers that want to increase the petrol price?
Haba, why are you economical with the TRUTH? Is Buhari that's in charge my dear.

You've forgotten that we're in a democracy and that Nigeria operates a mixed economy that is presently leaning more towards capitalism where market forces determine price.

Just as the militants can hold the government to ransom through use of violence, so also can oil Marketers hold the government and people to ransom by creating artificial scarcity.

Buhari has stated severally that he doesn't want increase in fuel price cos of it's attendant consequences.... But I'm sure you know that the powers that be, who are more interested in lining their pockets, don't want that. In the end, the majority suffers while the few capitalists continue to enjoy... Income inequality continues to widen.

BlackAfrican:


You've forgotten that we're in a democracy and that Nigeria operates a mixed economy that is presently leaning more towards capitalism where market forces determine price.

Just as the militants can hold the government to ransom through use of violence, so also can oil Marketers hold the government and people to ransom by creating artificial scarcity.

Buhari has stated severally that he doesn't want increase in fuel price cos of it's attendant consequences.... But I'm sure you know that the powers that be, who are more interested in lining their pockets, don't want that. In the end, the majority suffers while the few capitalists continue to enjoy... Income inequality continues to widen.

And you believed Buhari?

APC gave the impression that they had the solution.

BlackAfrican:
So because Nigeria is the cheapest place to buy petrol, we should fold our hands and allow oil Marketers continue to Rob us through artificial scarcity they created?

Why didn't you quote the GDP per capita and the minimum wage of those countries you're pitching Nigeria with so that we will see the hypocritical nature of your article.

Rubbish.

seriously, very stupid article..