Business

Nigeria Ranks 22nd Country With Cheapest Petrol – Report [FULL LIST]

Published

2 years ago

January 7, 2024

A report has disclosed that Nigeria is the 22nd country with the cheapest petrol price across the globe, adding that the majority of nations paying over 100 times more for Premium Motor Spirit (PMS).

The new report titled ‘Global Petrol Prices, Octane-95, January 1, 2024’, published on its website added that richer countries have higher prices of fuel than the poorer ones.

It said, “The average price of gasoline around the world is 1.29 US 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.”

According to data compiled by Global Petrol Prices and presented on a chart in the report, as of January 2024, Iran has the world’s cheapest gasoline at just $0.029 (N26.52) per litre, while Hong Kong has the highest price at $3.101 (N2,835.77) per litre.

Many major oil-producing countries, including Libya, Venezuela, Kuwait, and Saudi Arabia, enjoy very low domestic fuel costs. Iran tops the list at $0.029 (N26.52), followed by Libya at $0.031 (N28.35) and Venezuela at $0.035 (N32.01).

At the other end of the list are cities and countries with high taxes on fuel. Hong Kong remained high in the ranking with gasoline at $3.101 (N2,835.77) per litre. Prices in Europe are consistently higher, with drivers in Monaco paying $2.353 (N2,151.75) and those in Norway paying $2.052 (N1,876.49).

Among other sample countries, the United States came in at $0.911 (N833.08) per litre, putting it near the global average of $1.30 (N1,188.81). Nigeria stands at $0.722 (N660.25), Brazil at $1.150 (N1,051.64), and India at $1.252 (N1,144.92).

According to data from the Organisation of Petroleum Exporting Countries, Nigeria has struggled to meet its expected oil production levels in recent months.

As of November 2023, Nigeria remained Africa’s largest oil producer, churning out 1.37 million barrels per day, according to secondary sources tracked by OPEC. However, Nigeria’s self-reported production figures directly to OPEC for November showed output of only 1.25 million barrels per day.

“According to secondary sources, total OPEC-13 crude oil production averaged 27.84mb/d in November 2023, lower by 57 tb/d, m-o-m. Crude oil output increased mainly in Venezuela, Libya, and Kuwait, while production in Iraq, Angola, and Nigeria decreased,” OPEC said in its December 2023 report.

Some of the countries listed and their prices, according to Global Petrol Prices, Octane-95, January 1, 2024, are (in no particular order):

Iran: $0.029

Libya: $0.031

Venezuela: $0.035

Kuwait: $0.342

Algeria: $0.342

Egypt: $0.403

Kazakhstan: $0.534

Russia: $0.617

Saudi Arabia: $0.621

Nigeria: $0.722

UAE: $0.738

Argentina: $0.818

Indonesia: $0.874

USA: $0.911

Pakistan: $0.958

Bangladesh: $1.136

China: $1.146

Brazil: $1.150

Turkey: $1.169

Australia: $1.173

South Korea: $1.203

South Africa: $1.205

Canada: $1.239

Japan: $1.242

India: $1.252

Ukraine: $1.410

Mexico: $1.423

Chile: $1.441

Czechia: $1.607

Spain: $1.688

UK: $1.801

Germany: $1.910

Italy: $1.954

France: $1.968

Finland: $1.980

Switzerland: $2.028

Norway: $2.052

Netherlands: $2.085

Denmark: $2.114

Monaco: $2.353

Hong Kong: $3.101
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Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

2 days ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.

Business

Dangote Unveils 10-day Credit Facility For Petrol Station Owners

Published

2 days ago

December 30, 2025

Editor

The Dangote Group has announced a 10-day credit facility backed by a bank guarantee for petrol station owners and dealers, alongside free direct delivery and other incentives, as part of a new supply arrangement.

The company disclosed this in a statement posted on its official X handle on Tuesday, inviting petrol station operators across the country to register to benefit from the offer.

According to the statement, participating dealers will enjoy “a 10-day credit facility backed by a bank guarantee,” with a minimum order requirement of 5,000 litres.

“Our free direct delivery service will commence soon,” the group said, adding that the offer is open to “all petrol station owners and dealers.”

The Dangote Group further called on operators to register their stations to access the supply arrangement.

“Register your petrol stations today to benefit from our competitive gantry price,” the statement read.

The company also disclosed that petrol supplied under the arrangement will be sold at a gantry price of ₦699 per litre.

For enquiries, the group provided the following contact numbers: 0802-347-0470, 0809-324-7070, 0809-324-7071 and 0203.

The announcement follows a recent petrol price adjustment by the Dangote Petroleum Refinery.

The PUNCH earlier reported that the refinery reduced its ex-depot petrol price from ₦828 to ₦699 per litre, representing a ₦129 cut or a 15.58 per cent reduction.

An official of the refinery, who spoke to PUNCH Online on condition of anonymity, confirmed the adjustment, saying, “The refinery has reduced petrol gantry price to ₦699 per litre.”

The new price reportedly took effect on December 11, 2025, marking the 20th petrol price adjustment announced by the refinery this year.

Business

JUST IN: Otedola Sells Shares In Geregu Power For N1trn

Published

3 days ago

December 29, 2025

Editor

Billionaire businessman, Femi Otedola, has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange, NGX, made this announcement on Monday.

Otedola’s Amperion Power Distribution Company Ltd reportedly held nearly 80 percent of the power generating company.

With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894.