Report Ranks Nigeria 22nd Country With Cheapest Petrol

Nigeria has been placed 22nd on the list of nations with the lowest petrol prices, according to a survey that compares the costs of gasoline (petrol) in various nations.

Naija News reports the average cost of gasoline worldwide is 1.30 US dollars per litre, according to a research titled “Gasoline Prices, Octane-95” that was published early this month.

As of 2024, the average cost of gasoline in Nigeria is $0.722 (N660.25).

Additionally, it revealed that “prices are generally higher in richer countries and significantly lower in poorer countries and in countries that produce and export oil.”

Iran topped the list with an average gasoline price of $0.029, followed by Libya, the African nation with the lowest average gasoline price at $0.031, and Venezuela, which came in third.

It further stated that the varying fuel taxes and subsidies account for the variations in costs between nations.

Comparatively, Nigeria ranked 67th out of the countries with the highest average diesel prices per litre ($1.174), behind Venezuela, Iran, and Libya.

It Is Impossible For Fuel Price To Sell At ₦1,200 Per Litre – Rewane

Meanwhile, a prominent economist and Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has argued that it is impossible for fuel to sell at ₦1,200.

Making this argument during an interview with Channels Television, Rewane argued that fixing the pump price of fuel will bring the nation’s economy to its knees.

Naija News reports Rewane went on to say that a ₦1,200 increase in the price of fuel at the pump would make it more expensive in Nigeria than it is in other countries and encourage stakeholders to begin smuggling fuel into the nation.