Nigeria is listed as the 22nd country with the most affordable fuel prices in a recent Global report, which compares the costs of Premium Motor Spirit (PMS) worldwide.
The country’s average petrol price stands at $0.722 (N660.25), as of January 8 2024.
According to the report dated January 1, 2024, titled “Gasoline Prices, Octane-95,” the average worldwide petrol price is $1.29 per litre.
The report also highlighted the substantial disparities in petrol prices influenced by the diverse taxes and subsidies on fuel production within individual countries.
“The average price of gasoline around the world is $1.29 per litre. However, there is a substantial difference in these prices among countries.
“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 U.S., which is an economically advanced country but has low gas prices.
