Nigeria's ₦617 PMS price is 68% lower than global petrol prices - Report

<p>A report by a global natural gas tracker has revealed that the ₦617 price for petrol in Nigeria is the lowest in West Africa.</p>, <span>Nigeria's ₦617 PMS price is 68% lower than global petrol prices - Report</span>, <h2>According to the report compiled by GlobalPetrolPrices.com, the price of PMS in Nigeria which is ₦617, is 68.62% lower than the average price of petrol in the world during the review period which is ₦1040.41.</h2>, <p>The recent move by President Bola Tinubu to deregulate the petroleum sector led to a drastic increment in the prices of petrol across the country.</p>, <p>Before the decision to remove the subsidy, petrol prices stood between ₦190 - ₦215 and then after the subsidy removal, they moved sharply from that amount to ₦537 and most recently, ₦617 as announced by the Nigerian National Petroleum Company Limited (NNPCL).</p>, <p>The development has led to an all-around increase in the price of different commodities and other sectors like transportation.</p>, <p>The analysis which showed the price of petrol across different countries as of July 17, 2023, showed that Nigeria was placed first as the country with the cheapest petrol with ₦617. Liberia came in second place with ₦747.342. Next on the list was Gabon ₦819.493, Sierra Leone ₦862.575, Benin ₦877.974, ₦Ghana ₦892.</p>, <p>Others include Guinea ₦1095, Cote d’Ivoire ₦1101, Burkina Faso ₦1148, Togo ₦945.510, Mali ₦1169.731, ₦Cape Verde ₦1149.102. The difference in price has been linked to the various taxes and subsidies for petrol in the listed countries.</p>, <p>However, just a few of the listed countries own functioning refineries while a few others import refined fuel.</p>, <p>On the fluctuation of fuel prices, the report further revealed four major reasons for price changes. These include Crude oil prices, Exchange rates, Seasonal variations, Refining, Marketing and Distribution costs.</p>, <p>Going by the recent development in the oil sector, Nigeria’s position as the country with the cheapest petrol pump price in West Africa may