Nigeria is just a peculiar country with so much but offering little both locally and globally.

Blessed with vast natural and human resources, the country however has little or nothing to show for it.

Is not surprising that a country that used to be among the largest producers of oil in the world is now taking the back seat?

The citizens had to endure hard times during the festive period as Petrol Motor Spirit (Petrol) became a scarce commodity.

In the wake of all these, the country has been ranked as the eighth cheapest place in the world to buy petrol with a pump price of N145.

Other countries among the cheapest places to buy petrol are Venezuela ($0.01), Turkmenistan ($0.29), Kuwait ($0.35), Iran ($0.36), Egypt ($0.37), Algeria ($0.37), Ecuador ($0.39), Bahrain ($0.42) and Syria ($0.44).

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The average price of petrol around the world is $1.12 (N403.2) per litre, according to, which publishes data on retail fuel prices around the world and tracking over 150 countries on a weekly basis.

In its latest weekly global fuel price review (January 2, 2018), it noted that the international oil benchmark, Brent crude, reached $66.9 per barrel during the past week.

“The crude oil price increase pushed up the retail fuel prices around the world and the world average gasoline (petrol) price increased to a level of $1.09 per litre. The world average diesel price also went up by a cent,” it stated.

The report noted that the beginning of 2018 was marked by retail fuel price changes in many countries with regulated fuel markets, but the most significant petrol price change was observed in Algeria, where the government approved a 17.5 per cent increase of the official annual retail price of petrol.


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