World Economy Review: Prices Of Petrol Across The World In Naira Per Litre In July 2022

 

“The major observation from this report is that the richer countries have higher prices while the poorer countries and the countries that produce and export oil have significantly lower prices. With this in mind, Hong Kong is ranked as the country with the most expensive petrol price at 1,248.311 Nigerian Naira”

*Dispensing petrol

PEGASUS REPORTERS, LAGOS | JULY 31, 2022

With a downturn in the world economy occasioned by the covid-19 pandemic lockdowns and the recent Russian invasion of Ukraine, prices of commodities have taken an upward spiral bursting through the rooftops. One of the worst hit sectors is the energy sector which in Nigeria has almost grounded the aviation sector.

Gasoline prices, Octane-95, 25-Jul-2022: The average price of gasoline around the world is 1.41 U.S. Dollars 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. The 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. Use the drop menu to see the prices in gallons.

The current average price of petrol in Nigeria is 173.08 Naira per litre no thanks to the recent rise in the sale of the product. This maxim is currently lower than the average price of petrol in the world for this period is 594.07 Nigerian Naira when compared to other nations.

The chart below shows the price of petrol in Nigeria and its relation to other countries.

See the attached image below for the tabulated data.

The major observation from this report is that the richer countries have higher prices while the poorer countries and the countries that produce and export oil have significantly lower prices. With this in mind, Hong Kong is ranked as the country with the most expensive petrol price at 1,248.311 Nigerian Naira.

Petrol prices in Nigeria were previously set at 162 Naira. Even though there was a time Nigerians experienced fuel scarcity in 2022, so many filling stations including the NNPC did not inflate their price.

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