The average price of gasoline around the world is 375.04 Nigerian Naira per liter. However, there is 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.
So I did a snapshot of countries and what they pay per unit of petrol, called gasoline which is usually measured in litres and found out that what Nigerians pay for fuel is relatively low compared to other countries like Zimbabwe that pay more than a thousand naira for one litre of petrol.
Check the remaining pictures...
Looking at the chat above, Zimbabweans actually pay 1, 111 naira 49 Kobo when converted for a litre of petrol. Considering their gross domestic product, economic analysts are wondering how they are coping with such a price.
However, with the recent story flying round that the Federal Government, in consonance with the petroleum price regulator has reviewed the price upward to #143 per litre based on international price benchmark, Nigeria is to be placed between Algeria and Malaysia.
In all of this, the Nigeria Labour Congress has dismissed and refused to accept the increase in petrol price, saying this is not the time for government to burden the people with a hike in petrol price when they are trying to keep their businesses afloat and survive during the current Coronavirus pandemic.
What do you think? Should we consider ourselves lucky or we should actually pay less than we do now?
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