According to the “Gasoline Prices, Octane-95” report, Nigeria ranks 22nd among countries with the least expensive petrol prices.
The report, which was published earlier this month, stated that the average price of petrol around the world is 1.30 U.S. Dollars per litre.
It also revealed that “richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices.”
Iran tops the list with an average gasoline price of $0.029 per litre, followed closely by Libya at $0.031 per litre. Venezuela occupies the third spot.
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The United States (US) is an exception to the rule, being an economically advanced country with low gas prices, which came in at $0.911 (N833.08) per litre.
The report attributes the differences in prices across countries to the various taxes and subsidies for gasoline.
In terms of average diesel price per litre, Nigeria ranks 67th with a price of $1.174 per litre, while Venezuela, Iran, and Libya take the top positions.
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