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.”
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