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.
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?
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