{"id":304641,"date":"2024-01-07T20:47:46","date_gmt":"2024-01-07T19:47:46","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=304641"},"modified":"2024-01-07T20:47:46","modified_gmt":"2024-01-07T19:47:46","slug":"report-ranks-nigeria-22nd-country-with-cheapest-petrol","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/01\/07\/report-ranks-nigeria-22nd-country-with-cheapest-petrol\/","title":{"rendered":"Report ranks Nigeria 22nd country with cheapest petrol"},"content":{"rendered":"<ul>\n<li><strong><strong>As of January 2024, Global Petrol Prices data shows Iran boasts the world&#8217;s cheapest gasoline at $0.029 (N26.52) per litre, contrasting starkly with Hong Kong&#8217;s highest price of $3.101 (N2,835.77) per litre<\/strong><\/strong><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p>A new report has revealed vast differences in gasoline costs across the world, with Nigeria ranked 22nd in the cheapest <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/01\/04\/well-build-two-refineries-in-nigeria-independent-petroleum-marketers\/\">petrol<\/a> price category globally.<\/p>\n<p>The report titled \u2018Global Petrol Prices, Octane-95, January 1, 2024\u2019, as posted on their website, also revealed some countries paying over 100 times more for petrol.<\/p>\n<p>\u201cThe 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.<\/p>\n<p>\u201cAs 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.<\/p>\n<p>\u201cThe 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,\u201d the report said.<\/p>\n<p>As of January 2024, Global Petrol Prices data shows Iran boasts the world&#8217;s cheapest gasoline at $0.029 (N26.52) per litre, contrasting starkly with Hong Kong&#8217;s highest price of $3.101 (N2,835.77) per litre.<\/p>\n<p>Oil-producing nations like Libya, Venezuela, Kuwait, and Saudi Arabia enjoy notably low domestic fuel costs. Iran leads at $0.029 (N26.52), followed by Libya at $0.031 (N28.35), and Venezuela at $0.035 (N32.01).<\/p>\n<p>Conversely, high taxes on fuel contribute to soaring prices in regions like Hong Kong, topping the list at $3.101 (N2,835.77) per litre. European rates remain consistently elevated, with Monaco at $2.353 (N2,151.75) and Norway at $2.052 (N1,876.49).<\/p>\n<p>Examining other nations, the United States registers at $0.911 (N833.08) per litre, around 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).<\/p>\n<p>Despite its status as Africa\u2019s largest oil producer, Nigeria faced challenges in meeting anticipated oil production levels in recent months. November 2023 data from the Organisation of Petroleum Exporting Countries (OPEC) showcased Nigeria&#8217;s output at 1.37 million barrels per day according to secondary sources. However, Nigeria&#8217;s self-reported figures to OPEC for November reflected a lower output of 1.25 million barrels per day.<\/p>\n<p>\u201cAccording 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,\u201d OPEC said in its December 2023 report.<\/p>\n<p>Some of the countries listed and their prices, according to Global Petrol Prices, Octane-95, January 1, 2024, are (in no particular order):<\/p>\n<p>Iran: $0.029<br \/>\nLibya: $0.031<br \/>\nVenezuela: $0.035<br \/>\nKuwait: $0.342<br \/>\nAlgeria: $0.342<br \/>\nEgypt: $0.403<br \/>\nKazakhstan: $0.534<br \/>\nRussia: $0.617<br \/>\nSaudi Arabia: $0.621<br \/>\nNigeria: $0.722<br \/>\nUAE: $0.738<br \/>\nArgentina: $0.818<br \/>\nIndonesia: $0.874<br \/>\nUSA: $0.911<br \/>\nPakistan: $0.958<br \/>\nBangladesh: $1.136<br \/>\nChina: $1.146<br \/>\nBrazil: $1.150<br \/>\nTurkey: $1.169<br \/>\nAustralia: $1.173<br \/>\nSouth Korea: $1.203<br \/>\nSouth Africa: $1.205<br \/>\nCanada: $1.239<br \/>\nJapan: $1.242<br \/>\nIndia: $1.252<br \/>\nUkraine: $1.410<br \/>\nMexico: $1.423<br \/>\nChile: $1.441<br \/>\nCzechia: $1.607<br \/>\nSpain: $1.688<br \/>\nUK: $1.801<br \/>\nGermany: $1.910<br \/>\nItaly: $1.954<br \/>\nFrance: $1.968<br \/>\nFinland: $1.980<br \/>\nSwitzerland: $2.028<br \/>\nNorway: $2.052<br \/>\nNetherlands: $2.085<br \/>\nDenmark: $2.114<br \/>\nMonaco: $2.353<br \/>\nHong Kong: $3.101<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As of January 2024, Global Petrol Prices data shows Iran boasts the world&#8217;s cheapest gasoline at $0.029 (N26.52) per litre, contrasting starkly with Hong Kong&#8217;s highest price of $3.101 (N2,835.77) per litre A new report has revealed vast differences in gasoline costs across the world, with Nigeria ranked 22nd in the cheapest petrol price category [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":235019,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[2634,303,2288,9318],"class_list":["post-304641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-iran","tag-nigeria","tag-petrol","tag-prices"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Report ranks Nigeria 22nd 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