Nigeria may have just spent Christmas suffering through a severe fuel shortage but this didn’t stop it from being amongst one of the cheapest countries to buy petrol in Africa.
According to data which is tracked and published weekly on Global Petrol Prices, as of Monday, January 8, 2018, Nigeria ranks as the 8th cheapest country to buy petrol in the world at a pump price of N145 ($0.40) per liter.
The average price of petrol around the world is $1.12 (N403.2) per liiter according to the report which tracks retail fuel prices around the world of over 150 countries on a weekly basis.
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 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. 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.”
In the Global Petrol Prices latest weekly global fuel price review on January 2, 2018, it noted that the international oil benchmark, Brent crude, reached $66.9 per barrel during the past week.
It stated that “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 liter. The world average diesel price also went up by a cent.”
How has fuel price been influenced globally?
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% increase of the official annual retail price of petrol.
Petrol prices also went up by 1.2% in the United States; 0.9% in Africa; 0.7% in Asia; and 0.4% in Canada. But in Australia, petrol prices decreased by 1.3%, 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. Also, the European average petrol price was $1.46 per liter which marked a 0.5% weekly increase.
Petrol prices went down by more than 1% in Finland, Cape Verde, Australia, the Cayman Islands and South Africa, while the United Arab Emirates, Algeria, France, and Pakistan saw more than 3% increase in prices.