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Check Out The Country Where the Price of Petrol is Cheapest in the World

Petrol otherwise called gasoline or Premuim Motor Spirit is a major economic commodity in Nigeria. This is because of the multiplier effect of the price of petrol in the Nigerian economy. Whenever the price of petrol rises in Nigeria, prices of other products will change. petrol is used to power vehicles that has petrol engine and since most commodities and people are be transported from one place or the other.

The price of petrol therefore appears to affect the prices of most other commodities in the country. In recent times, Nigerians have been crying since the federal government announced the deregulation of the downstream Sector of the oil industry and total removal of subsides.

Research into the price of petrol around the world shows that petrol is cheapest in Venezuela.



Venezuela is a country in the northern coast of south America with diverse natural attraction. It is among the most urbanized country in Latin America.

A litre of petrol cost as low as 0.020 dollars showing the lowest price at which petrol is sold in the world. Based on the Naira exchange rate of dollar in the parallel market 0.020 dollar means N9.72 Kobo. This means that a litre of fuel in Venezuela is N9.72 Kobo. However this low price of petrol in Venezuela is because the government subsidizes petrol price for its citizens

However, Nigeria at the price of N170 Naira per litre of petrol still ranks 7th country where petrol is cheapest in the world (based on official exchange rate not parallel exchange rate of the dollar).

Below is the chart of 10 countries with the cheapest price of petrol around the world.

Venezuela - $0.020

Iran - $0.060

Angola - $0.256

Algeria - $0.345

Kuwait - $0.348

Susan - $0.379

Nigeria - $0.404

Kazakhstan - $0.408

Turmenistan - $0.429

Qatar - $0.459

What's your opinion on this? should federal government reintroduce subsides to help citizens as it is done in Venezuela?

Content created and supplied by: BusinessArena (via Opera News )

America Latin America Nigeria Nigerians Premuim Motor Spirit

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