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Shocking: Nigeria pays highest price for petrol – Check out the price other countries pays for petrol

Research has shown that Nigeria is the only member of Organization of the Petroleum Exporting Countries, OPEC, whose citizens pay the highest price for petrol.

OPEC, founded in 1960 comprises five pioneer members; Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007).

Nigeria’s Petroleum Minister, Diezani Alison-Madueke, was recently elected the president of the international oil body. She made history as the first female to hold the prestigious post.
According to a survey done by GlobalPetrolPrices.com, the firm reputable for providing the most wide-ranging and reliable data on retail fuel prices around the world, Nigeria takes the lead as at May, 2015 for charging the highest price for PMS among OPEC nations.

The data are collected on a weekly basis using information from government institutions, regulatory agencies, major media sources, and oil companies.

The analysis shows that Venezuela charges $0.02 per litre  while 10 per cent of refined petroleum is said to be reserved for the poor who pay lowest price per litre.

In Libya it goes for $0.11; Saudi Arabia $0.16, Kuwait $0.23, Quatar $0.26, United Arab Emirates $0.47 and Iran $0.34.

In Nigeria, petrol was sold for N87 per litre before the artificial scarcity started a month ago.

The exchange rate of a dollar to naira was N199 as at the time this period was compiled. By this, N87 is about $17,313 per litre.

But during the fuel scarcity saga, the price skyrocketed to N450 per litre- that is about $89,550 per litre.

Though the major oil marketers have called off the strike two days, petrol is still being sold between N120 and N150 ( averagely $25,870) in various fuel stations across the country.

Many Nigerians see the N450 price outrageous for a country endowed with the natural products while experts analysed the price to be the highest in the world.

Naijaonlinetips learnt most tankers lift petrol from the various oil depots in Lagos between N100 and N120 per litre. ( $21,890).As at the time this report was compiled, there was no indication the price would be reversed to the old price of N87 per litre.($17,313).

Even with the old price of N87 per litre, some experts are of the opinion that Nigerians deserve to pay less.

In Nigeria, oil and gas resources management are still shrouded in secrecy. Revenue Watch Institute (RWI) measures the transparency and accountability in the oil, gas and mining sector of 58 countries worldwide and finds that Nigeria fail to meet satisfactory standards on how its oil and gas resources are governed.

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