Nigeria has one of the cheapest petrol prices in the world – Report

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With a pump price of N145 ($0.40) per litre, Nigeria has been ranked as the eighth cheapest place in the world to buy petrol, The Punch reports.

Other countries among the cheapest places to buy petrol are Venezuela ($0.01), Turkmenistan ($0.29), Kuwait ($0.35), Iran ($0.36), Egypt ($0.37), Algeria ($0.37), Ecuador ($0.39), Bahrain ($0.42) and Syria ($0.44).

The average price of petrol around the world is $1.12 (N403.2) per litre, according to GlobalPetrolPrices.com, which publishes data on retail fuel prices around the world and tracks over 150 countries on a weekly basis.

In its latest weekly global fuel price review (January 2, 2018), it noted that the international oil benchmark, Brent crude, reached $66.9 per barrel during the past week.

“The crude oil price increase pushed up the retail fuel prices around the world and the world average gasoline (petrol) price increased to a level of $1.09 per litre. The world average diesel price also went up by a cent,” it stated.