Petroleum is one of the most valuable natural resources in the world, used for many purposes mainly to fuel most vehicles. Nowadays, vehicles which do not require the use of fuel are slowly being introduced, however, it may take more than a while before the whole world becomes accustomed to the use of such vehicles. For now, a greater percentage of the world relies on petroleum or as most people call it ‘Fuel’ for transportation so much so that any form of scarcity disrupts the daily activities of the masses.
In Nigeria, fuel scarcity usually occurs more often than anyone would like. Since the removal of fuel subsidy and the increase in fuel prices within the country, most people believe that Nigeria has one of the highest fuel prices in the world. On the contrary, it may be surprising to know that Nigeria is on the list of countries with the lowest fuel prices in the world. Let’s take a look at the top 10 countries with the lowest fuel prices in the world using a dollar to naira equivalent to evaluate their prices:
- Azerbaijan- $0.47 per litre – Approx ₦165
- Turkmenistan- $0.43 per litre-Approx ₦151
- Egypt- $0.43 per litre-Approx ₦151
- Nigeria- $0.41 per litre-Approx ₦144
- Ecuador- $0.39 per litre-Approx ₦137
- Algeria- $0.35 per litre-Approx ₦122
- Kuwait- $0.35 per litre-Approx ₦122
- Sudan- $0.34 per litre-Approx ₦119
- Iran- $0.29 per litre-Approx ₦102
- Venezuela- $0.01 per litre-Approx ₦4
However, with exchange rates and cost of living as a factor, the current fuel prices in a country which may seem low to the rest of the world may actually be too high for its citizens. To take for instance, in Nigeria where many people live on less than $1 daily, the current fuel prices at 144-145 Naira cannot be looked at as an affordable one.