Price of petrol in Nigeria is 8th cheapest in the world – Report

Nigeria has the eighth cheapest price of petrol in the world, a new report by Zutobi, an international driver’s education company, has shown.

Published in April, the report placed Nigeria in the 8th position of the global index with the price of petrol at $0.40 equivalent to $1.82 per gallon.

The countries with the cheapest petrol include mostly oil-rich countries, with the South American country, Venezuela, topping the chart. The country has the largest known reserves of crude oil in the world. It sells petrol at $0.03 per litre ($0.11 per gallon).

Libya comes second with a litre of petrol selling at only $0.33 ($0.15 per gallon), Iran – $0.05 ($0.23 per gallon), Syria – $0.32 ($1.44 per gallon), Algeria – $0.32 ($1.46 per gallon), Kuwait, – $0.35 ($1.57 per gallon), Angola – $0.35 ($1.60 per gallon), Nigeria – $0.40 ($1.82 per gallon), Kazakhstan – $0. 41 ($1.86 per gallon), and Turkmenistan – $0.43 ($1.95 per gallon).

Conversely, Hong Kong has the highest price of petrol anywhere in the world. The price of a gallon is $13.10 – double the global average and $1.15 more than the second most expensive place.

At $11.75 per gallon, the Netherlands is the second most expensive place to buy petrol in the world. This is $5.69 more than the global average – making it the most expensive nation in the western world to buy petrol.

At just $0.39 less than the Netherlands, Norway is the third most expensive country for petrol prices. Norwegians have to pay $11.36 per gallon on average, the report said.

Behind those countries are: Monaco – $2.49 ($11.34 per gallon), Zimbabwe – $2.35 ($10.70 per gallon), Denmark – $2.34 ($10.62 per gallon), Finland – $2.33 ($10.58 per gallon), Italy – $2.31 ($10.51 per gallon), Germany – $2.30 ($10.46 per gallon), and Liechtenstein – $2.28 ($10.36 per gallon).

High taxes largely contribute to the high cost at the pump, the report said.

The researchers said regular unleaded petrol was chosen as the type of fuel to study because it is the most popular.

Data used for the study were all current fuel costs sourced from global petrol prices, and are accurate as of April 28.

Further Findings

The cost per gallon of fuel is less than a dollar in only three countries: Venezuela, Libya and Iran, according to Zutobi.

Also, only four countries have prices of petrol at over $11 per gallon: Hong Kong, the Netherlands, Norway, and Monaco.

Iran, the oil-rich Central Asian nation, has seen the biggest decrease in gas prices anywhere in the world over the past half-decade. Prices have been slashed by almost 3,000 per cent – from $1.68 in 2017 to $0.23 in 2022.

The price of petrol in Saudi Arabia has increased from $1.09 to $2.82 (almost 300 per cent) in the last 5 years, making it the country that has seen the biggest increase in fuel prices in the world.

Which countries have the most oil?

Venezuela, Saudi Arabia and Iran have half of the world’s 1.55 trillion barrels of proven oil reserves. The largest reserves among non-OPEC countries include Russia (80,000 million barrels) and the US (52,637 million barrels).

In 2019, the world consumed 99.7 million barrels of oil per day (mbd) according to the International Energy Agency. The U.S alone consumes about one-fifth (20.48 Mbps) of the world’s daily oil consumption followed by China (13.07 Mbps) and India (4.84 Mbps).

According to OPEC’s Secretary-General Mohammad Barkindo, oil will retain its number one position in the global energy mix, providing 28 per cent of global energy needs by 2045.