Subsidy Removal: Comparison of Gasoline Pump Price

Subsidy removal is the latest front burner of public discourse in Nigeria today and there is no shortage of facts to back either argument. Too bad many of these arguments ain’t backed by reality.

I have mashed data from World Bank and CIA Fact book about the average price of a liter of gasoline across different countries. The exchange rate used at the time of computation at the World Bank was N147 to a Dollar.

The table below shows the prices at the 18 cheapest locations too bad I can’t just drive there for a fill up:

Country Name$ 2010NGN 2010Output bbl/day 
Venezuela0.023.402,375,000
Iran0.1014.334,252,000
Saudi Arabia0.1623.6410,520,000
Libya0.1725.111,789,000
Qatar0.1928.071,437,000
Bahrain0.2131.0246,430
Turkmenistan0.2232.50202,400
Kuwait0.2333.982,450,000
Oman0.3145.80867,900
Algeria0.3247.272,078,000
Yemen0.3551.70258,800
Brunei0.3957.61159,400
Nigeria0.4465.002,458,000
United Arab Emirates0.4769.432,813,000
Egypt0.4870.91662,600
Ecuador0.5378.30485,600
Malaysia0.5987.16664,800
Sudan0.6291.59514,300

Author: Adedeji Olowe

Adédèjì is the founder of Lendsqr, the loan infrastructure fintech powering lenders at scale. Before this, he led Trium Limited, the corporate VC of the Coronation Group, which invested in Woven Finance, Sparkle Bank, Clane, and L1ght, amongst others. He has almost two decades of banking experience, including stints as the Divisional Head of Electronic Banking at Fidelity Bank Plc. He drove the turnaround of the bank’s digital business. He was previously responsible for United Bank for Africa Group’s payment card business across 19 countries. Alongside other industry veterans, he founded Open Banking Nigeria, the nonprofit driving the development and adoption of a common API standard for the Nigerian financial industry. Beyond open APIs, Adédèjì works deeply within the fintech ecosystem; he’s the board chairman at Paystack. Adédèjì is a renowned fintech pundit and has been blogging on technology and payments at dejiolowe.com since 2001.

4 thoughts on “Subsidy Removal: Comparison of Gasoline Pump Price”

  1. I heard that stock trade audit is a new trend… Pls what are the challenges involve with the rapid increase of data

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.