A survey conducted by online vehicle marketplace,
Carmudi.com has shown that Nigeria remains the only
country in Africa with the cheapest price of petrol at $0.46,
about N92 per litre or 5.6 per cent of the national average
income per day.
The survey, carried out in eighteen countries in emerging
markets where Carmudi operates, is a result of an infograpic
created by Carmudi using the prices from the second
quarter of 2015 and 2014 average income data.
The data were sourced from the Nigeria National Bureau
Statistics, Philippines Bureau of Labour and Employment
Statistics, The Pan African Bank, Crédit Agricole, Trading
Economics, Global Petrol Prices, and World Vision. 2014
income data were used for all countries except Vietnam
(2015) and Sri Lanka (GDP per capita).
The survey which examined the fuel price and general
affordability of petrol in the eighteen emerging markets
showed Nigeria with cheapest petrol price while “fuel prices
look different in East African countries with significantly
lower average incomes. For instance, in Rwanda, where fuel
costs $1.17, about N230, the average person makes only
$1.55 per day, about N310. This implies that one litre
accounts for over 75 per cent of a typical daily income,
almost a full day’s work.”
The report further noted: “In Indonesia, where fuel subsidies
have been cut by the government since early 2015, most
people are forced to spend over 30 per cent of their daily
earnings to buy a single litre of petrol. In Sri Lanka, a single
litre of fuel costs $0.96, taking up to nearly 45 per cent of the
national average daily
“Fuel prices in Mexico, the world’s seventh largest oil
producer, are similar to prices in several Asian countries
such as Vietnam, where a litre is priced at $0.92 and $0.97,
respectively. Despite the similar prices, the average daily
income in Mexico is almost three times more than Vietnam.
It takes 7.8 per cent of a day’s wage in Mexico to buy a litre;
whereas, in Vietnam it costs more than 25 per cent of the
average daily income.”
The survey also showed that, “Fuel prices in the oil rich
Middle East countries are incredibly low, and that, coupled
with the high average daily income, makes it the best place
to own a gas guzzler. Prices range from $0.15 per litre in
Saudi Arabia, OPEC’s largest oil producer with average daily
income of $143.60, $0.26 in Qatar, the world’s third largest
oil producer with average daily income of $382.60 to $0.47
in the United Arab Emirates, the world’s eighth largest oil
producer with average daily income of $170.00.”
Speaking on what motivated the survey, Head of
Global Communications, Carmudi, Kalie Moore said: “The
research was carried out because Carmudi is dedicated to
providing relevant information about the automobile
industry, as we have become the go – to place for everything
auto.”.
Carmudi.com has shown that Nigeria remains the only
country in Africa with the cheapest price of petrol at $0.46,
about N92 per litre or 5.6 per cent of the national average
income per day.
The survey, carried out in eighteen countries in emerging
markets where Carmudi operates, is a result of an infograpic
created by Carmudi using the prices from the second
quarter of 2015 and 2014 average income data.
The data were sourced from the Nigeria National Bureau
Statistics, Philippines Bureau of Labour and Employment
Statistics, The Pan African Bank, Crédit Agricole, Trading
Economics, Global Petrol Prices, and World Vision. 2014
income data were used for all countries except Vietnam
(2015) and Sri Lanka (GDP per capita).
The survey which examined the fuel price and general
affordability of petrol in the eighteen emerging markets
showed Nigeria with cheapest petrol price while “fuel prices
look different in East African countries with significantly
lower average incomes. For instance, in Rwanda, where fuel
costs $1.17, about N230, the average person makes only
$1.55 per day, about N310. This implies that one litre
accounts for over 75 per cent of a typical daily income,
almost a full day’s work.”
The report further noted: “In Indonesia, where fuel subsidies
have been cut by the government since early 2015, most
people are forced to spend over 30 per cent of their daily
earnings to buy a single litre of petrol. In Sri Lanka, a single
litre of fuel costs $0.96, taking up to nearly 45 per cent of the
national average daily
“Fuel prices in Mexico, the world’s seventh largest oil
producer, are similar to prices in several Asian countries
such as Vietnam, where a litre is priced at $0.92 and $0.97,
respectively. Despite the similar prices, the average daily
income in Mexico is almost three times more than Vietnam.
It takes 7.8 per cent of a day’s wage in Mexico to buy a litre;
whereas, in Vietnam it costs more than 25 per cent of the
average daily income.”
The survey also showed that, “Fuel prices in the oil rich
Middle East countries are incredibly low, and that, coupled
with the high average daily income, makes it the best place
to own a gas guzzler. Prices range from $0.15 per litre in
Saudi Arabia, OPEC’s largest oil producer with average daily
income of $143.60, $0.26 in Qatar, the world’s third largest
oil producer with average daily income of $382.60 to $0.47
in the United Arab Emirates, the world’s eighth largest oil
producer with average daily income of $170.00.”
Speaking on what motivated the survey, Head of
Global Communications, Carmudi, Kalie Moore said: “The
research was carried out because Carmudi is dedicated to
providing relevant information about the automobile
industry, as we have become the go – to place for everything
auto.”.
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