Nigeria Ranks 22nd Globally for Cheapest Gasoline Prices, Despite Oil Production Challenges”

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“A recent report titled ‘Global Petrol Prices, Octane-95, January 1, 2024,’ on global gasoline prices reveals that Nigeria ranks 22nd globally for having one of the cheapest petrol prices.

The report underscores significant variations in gasoline costs worldwide, with some countries paying over 100 times more for petrol. The average global gasoline price is $1.29 per litre, and wealthier nations generally have higher prices, while economically advanced countries like the U.S. often maintain lower gas prices.

Despite being Africa’s largest oil producer as of November 2023, Nigeria faced challenges meeting expected oil production levels. While secondary sources tracked by the Organisation of the Petroleum Exporting Countries (OPEC) reported a production of 1.37 million barrels per day, Nigeria’s self-reported figures to OPEC for November indicated an output of only 1.25 million barrels per day.

The disparity in global petrol prices reflects economic differences among nations, and Nigeria’s position as one of the countries with lower gasoline costs is notable. The struggle to meet expected oil production levels suggests ongoing challenges in the oil sector, which plays a crucial role in Nigeria’s economy.

source: PUNCH

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