Nigeria's 617 PMS price is 68% less than worldwide petrol costs, according to a report

According to a global natural gas tracker, the 617 price of petrol in Nigeria is the lowest in West Africa.According to GlobalPetrolPrices.com, the price of PMS in Nigeria is 617, which is 68.62% less than the global average price of petrol for the review period, which is 1040.41.President Bola Tinubu's recent decision to de-regulate the petroleum sector resulted in a significant increase in petrol prices across the country. Prior to the decision to remove the subsidy, fuel prices ranged between 190 to 215; however, when the subsidy was removed, prices skyrocketed from that range to 537, and most recently, 617, as published by the Nigerian National Petroleum Company Limited (NNPCL). The development has led to an all-around increase in the price of different commodities and other sectors like transportation. 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. 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. However, just a few of the listed countries own functioning refineries while a few others import refined fuel. 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. 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 be threatened as oil marketers have insisted on an upward price review.