REPORT HIGHLIGHTS DISPARITY IN GLOBAL FUEL PRICES AMONG OIL-PRODUCING NATIONS

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A recent report has shed light on the disparity in domestic fuel costs among several oil-producing countries, underscoring the role of taxes and subsidies in these variations.

The report revealed that nations like Iran, Libya, and Venezuela enjoy significantly low domestic fuel prices. Iran tops the list with gasoline priced at $0.029 (N26.52) per litre, followed closely by Libya at $0.031 (N28.35) and Venezuela at $0.035 (N32.01).

Conversely, cities and countries with high taxes on fuel show a stark contrast. Hong Kong leads this spectrum, with gasoline costing $3.101 (N2,835.77) per litre. In Europe, prices remain consistently higher, with Monaco at $2.353 (N2,151.75) and Norway at $2.052 (N1,876.49).

The data underscored substantial disparities in gasoline costs worldwide, positioning Nigeria at the 22nd spot for the cheapest petrol prices globally. Nigeria’s petrol price stands at $0.722 (N660.25) per litre.

The report attributed these price variations to different tax and subsidy structures adopted by countries despite access to similar international petroleum market prices.

Furthermore, the report highlighted the discrepancy between Nigeria’s self-reported oil production figures to OPEC, and those recorded by secondary sources. As of November 2023, Nigeria’s self-reported production output to OPEC stood at 1.25 million barrels per day, lower than the expected 1.37 million barrels per day.

While the report illuminates the staggering differences in fuel prices among nations, it also emphasises the role of taxation and subsidies in shaping domestic fuel costs globally.

 

 

 

 

 

 

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