Nigeria ranks among the top 10 cheapest petrol selling countries in the world, a policy group has revealed in its latest report.
In its report released on January 15, the
Global Economic Policy Initiative, GEPin, said Nigeria presently ranks
number six in the world only behind Venezuela, Sudan, Iran, Kuwait and
Algeria.
The group president Bernard Okri noted that
the comparative analysis on global oil prices became necessary following
the Yellow Vest movement in France and the recent oil price increment
in Zimbabwe.
He explained that oil prices have
continually increased in leading economies across the world, crediting
President Muhammadu Buahri for stabilizing pump price in Nigeria.
Okri explained despite the fact that Nigeria
is not one of the top ten oil producing countries in the world right
now, Nigeria is one of the top ten cheapest selling countries in the
world.
“This is coming on the heels of
international reports that petrol now sells for an equivalent of N1204
per litre and diesel N1135 in Zimbabwe.
“A massive hike of 240 per cent in the
prices of petrol and diesel has gone into effect in Zimbabwe. Petrol was
selling for 1.32 dollars (N481) per litre before Sunday’s hike.
In the statement made available to journalists, Okri noted that, “Our
research has shown that Nigeria is actually the sixth cheapest place in
the world to buy petrol according to a report by Bloomberg.
“A renowned international website, www.globalpetrolprices.com also
confirms our standing. I think all Nigerians should proud that the
current administration is keeping the price in check and relatively
affordable for the average man and woman".
The report explained that Nigeria’s selling
price of N145 (equivalent to $0.41 per litre) and $1.52 per gallon makes
it one of the 10 cheapest places in the world to buy gasoline compared
to a global average of $1.12 per litre.
“The
report pointed to the price cap on petrol set by the federal government
as one of the causes of stability in the supply of the product, adding
that, Nigeria’s import dependence is caused largely by the “decrepit
state of its refineries”.
“Part of the problem is that, despite
pumping 1.8 million barrels a day of crude, Nigeria has to import almost
all its fuel because of the decrepit state of its refineries,” the report stated.
Okri explained that before the All
Progressives Congress government took power in 2015, Nigeria was not
ranked in the top 10 cheapest petrol selling countries.
“That makes us one of the 10 cheapest
places in the world to buy gasoline and compares favorably to a global
average of $1.12 and a U.S. average of $0.73 per litre, according to
GlobalPetrolPrices.com.”
“Of note to most observers this past
yuletide season was the complete absence of petrol scarcity as the NNPC
has become the retailer in chief and sole importer of PMS, leaving the
country with enough reserves.
“This effectively ensured that the queues
at filling stations usually encountered in the “ember” months have
become a thing of the past.
“Transporters and travelers alike gave
kudos to the Buhari-led administration for achieving this welcome
development. It is only the greedy black-market fuel racketeers that
will be unhappy at this change we are now experiencing."
The five countries listed in the report with a
better price per litre of Petrol than Nigeria are Venezuela ($0.01),
Sudan ($0.13), Iran ($0.29), Kuwait ($0.34), and Algeria ($0.35).
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