07 July 2015, Lagos – 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.”
*Jonah Nwokpoku – Vanguard