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17 Jan 2019, Gergana Bencheva, EMIS Editor

Nigeria in top 10 of world’s cheapest petrol selling countries

Nigeria was included in the list of the world’s top 10 cheapest petrol selling countries, Vanguard-Nigeria said referring to a report conducted by the Global Economic Policy Initiative (GEPin). According to the document, the African country is sixth on a global level in terms of cheap petrol. It comes right after Venezuela, Sudan, Iran, Kuwait and Algeria.

Nigeria sells cheap petrol although it is not among the top ten oil producing countries, GEPin’s president Bernard Okri underlined. Currently, Abuja is offering petrol at an average price of USD 0.41 per litre and USD 1.52 per gallon. In comparison, the global average is USD 1.12 per litre, the report showed.

GEPin’s comparative analysis of global oil prices was conducted amidst the Yellow Vest movement in France and the continuous oil price increases in leading economies across the world. The leader in the ranking, Venezuela, offers petrol at the price of USD 0.01 per litre, Vanguard-Nigeria added.

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