Category: Business

Top 10 Countries With Cheapest Petrol Price

Marketers Reduce Fuel Price In Enugu After NNPC Promise

Amidst widespread inflation, some countries continue to benefit from relatively low fuel prices, with global averages and national policies playing a significant role in these variances.

According to data from globalpetrolprices.com, the average price of fuel worldwide stands at $1.33 per liter.

However, this figure masks the substantial differences in fuel costs from one country to another, largely due to varying tax regimes and subsidy policies.

The discrepancy in fuel prices across nations can be attributed to the specific economic strategies employed, including the level of taxes imposed on gasoline and the subsidies provided.

Consequently, retail prices of fuel vary significantly, reflecting individual countries’ economic and policy landscapes.

A notable trend highlighted in the report is the correlation between a country’s economic status, fuel pricing, and role in the global oil market.

Wealthier nations tend to have higher fuel prices, reflecting steeper taxation on energy products.

In contrast, less affluent countries, particularly those with substantial oil production and exportation capacities, often enjoy lower fuel prices, thanks to government subsidies and lesser tax burdens.

According to the report, below are the countries with significant cheapest fuel prices:

1. Iran

Iran tops the list of countries with the lowest price, with fuel sold at  $0.029 ( N 26. 52) per litre.

Iran is one of the largest oil producers globally and often subsidizes fuel for its citizens, keeping prices low domestically.

2. Libya

Following Iran’s lead, Libya is the second cheapest gas station with the lowest fuel price of $0.031 (N43.145) per liter.

This is due to their huge oil reserves and government subsidies.

3. Venezuela

With a fuel price of $0.035(N48.826) per liter, Venezuela is third among the top ten countries with the lowest fuel price.

This country has long subsidized fuel prices for its citizens due to vast oil reserves and government policies aimed at maintaining social stability.

4. Egypt

Egypt has subsidized fuel prices to some extent, using government funds to keep prices low for its citizens.

With a fuel price of $0.282 per liter, Egypt joins the league of countries with cheapest fuel price.

5. Kuwait

Kuwait, a major oil exporter with significant reserves, can afford to keep fuel prices low for its population at $0.341( N476.109) per liter.

6. Algeria

Algeria is a major player in the global oil and gas market, allowing it to maintain relatively low fuel prices.

Algeria secures the sixth position with a fuel price of $0.342( N476.431) per liter.

7. Angola

Angola stands as the seventh country globally with the cheapest fuel prices coming in at around $0.358 (N499.411).

This is largely due to its significant role as an oil exporter, and its low prices are a result of its oil production capacity.

8. Turkmenistan

With fuel prices at $0.428( N597.252) per liter, Turkmenistan is often cited as one of the countries with the cheapest fuel prices globally.

This Central Asian nation benefits from its abundant natural gas reserves, allowing it to subsidize fuel costs for its citizens as a major gas producer and exporter.

9. Malaysia

Malaysia is also one of the countries with the cheapest fuel prices at $0.434(N605.695) per liter.

This is attributed to government subsidies and policies aimed at keeping fuel affordable for its citizens.

10. Nigeria

Nigeria, the leading oil producer in Africa, stands at the 22nd position worldwide, offering fuel at $ 0.487(N679.360).

The post Top 10 Countries With Cheapest Petrol Price appeared first on Naija News.

Nigeria’s Economy Records Over $1.5 Billion Inflow – CBN

Northern Elders Oppose Mass Transfer Of CBN Staff To Lagos

The Central Bank of Nigeria (CBN) has said that it recorded an inflow of over $1.5 billion into the economy over the past few days.

The Acting Director of the Corporate Communications Department of the apex bank, Sidi Ali, made this known in a statement on Friday.

According to Ali, the CBN said the high inflow indicated that its monetary policy efforts are working positively.

She noted that data available to the bank indicated that the inflow resulted from the bank’s concerted effort to stabilise the foreign exchange market.

Ali said the naira has also continued to record gains in the Autonomous Foreign Exchange market, as it traded at N1,309/$1 as against N1,611/$1 in the second week of March 2024.

She noted that Thursday’s rate signified that the naira was headed in the right direction, assuring that the CBN remained committed to ensuring the stability of the market, and the appropriate pricing of the naira against other major currencies worldwide.

The development comes on the heels of the CBN’s Monetary Policy Committee (MPC) announcement of a two-percent increase in its benchmark rate, from 22.75 per cent to 24.75 per cent on March 26, 2024.

Also, the apex bank conducted the Nigerian Treasury Bills (NTBs) auction of N1.64trn on March 27, 2024, at stop rates of 16.24 per cent, 17 per cent, and 21.124 per cent for the 91-day, 182-day, and 364-day tenors, respectively.

The post Nigeria’s Economy Records Over $1.5 Billion Inflow – CBN appeared first on Naija News.