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The average price of diesel around the world is N1,973.51 in Naira per litre and 1.117 U.S. per litre worldwide. However, there is a substantial difference in these prices among countries. Generally, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
The differences in prices across countries are due to the various taxes and subsidies for diesel as all countries have access to the same petroleum prices of international markets but then decide to impose different taxes.
Cheaper petrol means lower operational costs in businesses like shipping, manufacturing, and agriculture, which boosts profitability and encourages expansion.
Venezuela tops the list with the cheapest petrol prices in November at $0.004 AND N7.013.
Below are the 10 nations with the lowest fuel prices in November 2024 according to GlobalPetrolPrices.com.
Rank Country Fuel Price($) Naira price (N)
Venezuela 0.004 7.013
Iran 0.006 9.629
Libya 0.031 51.577
Algeria 0.217 365.306
Angola 0.219 368.703
Egypt 0.272 457.942
Turkmenistan 0.285 480.401
Saudi Arabia 0.306 515.456
Kuwait 0.373 628.948
Ecuador 0.475 799.487…READ THE FULL STORY FROM SOURCE : …READ THE FULL STORY FROM SOURCE
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