Top 10: Countries with cheapest fuel price in the world emerges, Nigeria takes position

• The average price of gasoline is US$1.31 per litre worldwide, but rates differ significantly throughout countries
• Poorer countries usually have considerably lower prices, whereas richer countries usually command higher prices.
• A new report has shown that Nigeria is among the top countries with the highest petrol price

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Petrol costs US$1.31 per litre on average worldwide, but these rates vary significantly between nations.

Nigeria ranks among the nations with the lowest gas prices. Photo Credit: FG, C.J. Burton
Source: Getty Images

Richer nations typically command higher prices, whereas poorer nations and those that produce and export oil usually have far lower prices.

The United States is a noteworthy exception, with low gas prices while being an economically advanced nation. The varied fuel taxes and subsidies account for the price variations between countries.

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Despite having access to the exact global petroleum pricing, each government chooses to apply a separate set of levies, and as a result, the retail price of gasoline varies.

Surprisinly, Nigeria ranked among the nations with the lowest gas prices despite the recent removal of subsidies that caused a rise in living expenses.

The inflation rate has continued to rise since reaching 33.3%, according to the latest statistics from the National Bureau of Statistics.

Data presented by globalpetrolprice.com shows the top 10 countries in the world with the least costly gasoline prices.

Oil marketers give conditions to crash petrol price

Legit.ng reported that the Major Energy Marketers Association of Nigeria (MEMAN), which represents oil marketers, has highlighted the reasons the price of gasoline at the pump cannot decrease below N300 a litre.

The marketers stated in reaction to rumours that the Dangote Petroleum Refinery and other Indigenous producers and refinery operators will begin significant production and lower the pump price of Premium Motor Spirit to approximately N300 per litre.

Legit.ng earlier reported that refinery owners, under the aegis of the Crude Oil Refinery Owners Association of Nigeria (CORAN), explained that providing enough crude oil to local refiners would crash the price of petrol.

Source: Legit.ng