Petrol Index: How many litres of petrol can you buy for the average salary in Nigeria and around the world?

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Picodi team examined the change in petrol prices in several dozen countries and calculated how many litres of petrol an average Nigerian can afford in 2020.

Cheaper petrol

Due to the volatility of prices in the petrol market, just like last year, we gathered data about petrol prices in the first half of the year. In 3 out of 7 considered African countries, petrol prices in the first half of the year 2020 were lower than in 2019. The largest decrease was noted in Nigeria (−10.1%), then South Africa (−4.1%), and Kenya (−3.2%).

Interestingly, in Tunisia and Algeria, the prices of petrol noted a moderate increase (1.2% and 1.7% respectively), and in Egypt and Zambia petrol went up by as much as 11.5% and 13.9%.

Petrol Index: How many litres of petrol can you buy for the average salary in Nigeria and around the world? - Brand Spur

Petrol Index 2020: who can fill up the biggest amount of petrol in Africa?

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Petrol Index 2020: who can fill up the biggest amount of petrol in Africa?

(click the arrows to see data from the remaining 6 countries)

Algerians can enjoy the cheapest petrol in Africa — the average petrol price in their country, converted from dinars to American dollars is 0.33 cents. Kenyans pay the highest price — $0.96.

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We contrasted the average prices of petrol in the first half of the year 2020 with the latest data on average salaries. For the second year in a row, South Africa and Algeria can boast the best petrol price to an average salary ratio in Africa. The average pay in those countries allows their citizens to buy 1,345 and 804 litres of petrol respectively.

In Nigeria, according to Numbeo, the average salary amounts to 70,060 nairas. It means that an average Nigerian can buy 539 litres of petrol with their pay (3rd place). Lower in the ranking were Kenyans with 536 litres.

Tunisia, Egypt, and Zambia took the last three places. The average salary in these countries is worth 411, 403, and 219 litres respectively.

World petrol ranking

(Hover over the country to see the information)

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In the world ranking, top positions are taken by Persian Gulf countries. In Saudi Arabia, Qatar, and Kuwait, you could buy from 5,112 to 8,210 litres of petrol for the average pay. It is worth noting that Kuwaitis can afford 139 litres less than last year. On the other hand, in 2020 Saudis and Qataris can buy around 4,933 and 1,605 litres more.

Read Also:  Transport fares rise, as Petrol, Diesel, Kerosene, Cooking Gas prices drop in July

The worst situation was noted in Cuba where the average salary is equal to the price of only 28 litres (an increase of 2 litres). Despite the fact that Tajikistan and Zambia accompany Cuba in the lower part of the ranking, their citizens can afford even seven times more petrol than Cubans (151 and 219 litres respectively).

It turns out that being an oil tycoon does not always mean easier access to petrol for the citizens. Nigeria produces the biggest amounts of petrol in Africa. Despite one of the lowest prices of petrol in the whole world ($0.34), the relatively low average salary ($182) does not allow Nigerians to buy many litres of petrol — just 539.

It is similar to the European oil heaven, Russia. In a country which is the second-biggest oil producer in the world, for the average salary you can afford only 919 litres.

Another interesting fact is the situation in Venezuela. In this South American country, there are limits which allow buying only 120 litres of petrol per capita in a month for the price amounting to around 0.025 dollars per litre.

Once the limit is exceeded, petrol can be bought only at the “market” price which is 0.5 dollar per litre, and only in 200 petrol stations in the country.

Our calculations show that the average salary in Venezuela is enough for just 148 litres of petrol (120 litres subsidised and 28 litres fully paid), which is a drastic difference compared to theoretical 14 billion litres from the last year.

This report uses the average net wages according to the latest available data provided by offices for national statistics or relevant ministries. The average prices for the first half of 2020 in over 100 countries are based on data from globalpetrolprices.com and other local sources.

In order to obtain the number of litres, we divided the average wage by the average price of 1 litre of petrol. For currency conversion, we used the average exchange rate for the last 90 days.

PICODI

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Petrol Index: How many litres of petrol can you buy for the average salary in Nigeria and around the world? - Brand SpurPetrol Index: How many litres of petrol can you buy for the average salary in Nigeria and around the world? - Brand Spur

Latest News

New entrant AECO Energy launches business innovation to deliver ‘last mile of value chain’ to Singapore’s maturing open electricity market

  • AECO Energy announces the launch of its operations in Singapore to provide innovation to the open electricity market for businesses with generation 2.0 of its technology and service offerings.
  • The company will introduce three solutions as part of its initial portfolio, customisable to specific business needs.
Read Also:  Still on the matter of the King in the Market.


SINGAPORE - Media OutReach - 13 April 2021 - AECO Energy, a new entrant to Singapore's electricity sector, has today announced the launch of its operations. AECO Energy will be the first-of-its kind energy technology and services company aimed at innovating customer-centric offerings in electricity and renewable energy markets.

With over 12 years of experience in delivering open market electricity services and solutions to businesses in Australia under the Power Choice brand, AECO Energy is bringing its second generation of services and technology to Singapore for the first time. AECO's second generation delivers on two major offerings.

Firstly, AECO delivers the 'last mile' of value in Singapore Open Electricity Market (OEM) value chain by providing innovative services to assist businesses to manage, plan and make better buying decisions.

AECO is all about enabling increased profits for businesses. AECO has a customer-centric mission to use its low-cost proven technology and expert-led services to enable better business decisions within a complex electricity market with multiple providers and opaque medium- to long-term pricing information. This comes against the backdrop of Singapore's maturing OEM, which gives businesses and consumers the autonomy to buy and choose their electricity providers - the freedom to choose.

AECO Energy's technology platform, MarketPro™ with its unique, electricity futures market simulator Rate Watch™, delivers business and electricity efficiency and empowers businesses through relevant and timely pricing information, while also helping Singapore businesses make better buying decisions via automated tenders and reverse auctions. Moreover, for businesses who do not have the capability and capacity to manage and purchase its own electricity, AECO Energy Portfolio™ delivers scalable buying power with a fully-managed contract management and purchasing aggregation service for small, medium and large businesses.

Alan Jones, CEO, Chairman & Founder, AECO Energy, said: "We are incredibly excited and humbled to be joining Singapore's dynamic energy scene with our low-cost, high-value products and services. Our mission is clear: just like Amazon is revolutionising the 'last mile' of product supply chains with its same day delivery, we are also delivering the 'last mile' of the value chain in Singapore's OEM that enables more businesses better purchasing decisions, more business profitability and growing all of Singapore's economy."

Secondly, with SGX-listed entities, enterprises and multinational corporations (MNCs)' increasing emphasis on sustainability, AECO (through its SustainPro™ offering) will bring for the first-time in Singapore the benefit of AECO's direct relationship with generators of International Renewable Certificates (I-REC). This enables Southeast Asian markets the benefit of medium- to long-term low-cost and structured REC solutions to meet renewable energy targets and sustainability goals. This translates to more profits by providing more predictable costs for businesses in meeting their sustainability and renewable energy goals.

"As a specialised company, unburdened with corporate overheads and distractions from Singapore's local market participants, we can offer companies who are based anywhere in Southeast Asia, sustainability and renewable energy solutions that span markets and countries at a lower and more predictable price. We are honoured to play our part to bring sustainability and increased renewable energy throughout the world and to do so while benefiting our customers' cost structures," continued Mr. Jones.

AECO Energy is introducing three offerings as part of its electricity management solutions:

  • MarketPro™: Businesses can optimise costs and seize market opportunities with exclusive access to customised market price information through AECO Energy's integrated online procurement and management platform equipped with Rate Watch™, a market simulation and automated procurement technology from as low as SGD $149 per month.
  • Portfolio™: Businesses get exclusive access to economies of scale with better buying power through professional and expert-managed energy procurement portfolios overseen by AECO Energy experts. This allows enterprises to focus on their core business while AECO Energy experts will fully-manage their electricity contracts and make better buying decisions on their behalf from as low as an additional SGD $74 per month.
  • SustainPro™: SustainPro focuses on helping businesses meet their sustainability goals at the lowest cost. AECO Energy offers lower costs on the procurement of Renewable Energy Certificates (RECs) and tailored REC supply solutions designed to meet transition needs towards a more sustainable business.

"With the understanding that business needs are unique for every organisation, our energy experts will work closely with customers here in Singapore to help them reduce costs, drive efficiency and make better buying decisions. By providing technology-enabled, insights-driven energy technology solutions, we want to create a profound impact on our customers' businesses to better position them for sustainable growth in the long-term," concluded Alan.


About AECO Energy:

Based in Singapore, the AECO Pacific Group owns and operates the Power Choice and AECO Energy brands. A leading pioneer for more than 12 years in electricity brokerage and consulting services in Asia Pacific focusing on deregulated electricity markets, AECO Pacific helps businesses with electricity procurement and management backed by market intelligence. Transforming and saving businesses more, AECO's combined experience in energy leadership and innovative technology solutions remain unmatched in dynamic and changing energy markets. For more information, visit https://powerchoice.com.au/ and https://aecoenergy.sg/.

Petrol Index: How many litres of petrol can you buy for the average salary in Nigeria and around the world? - Brand Spur
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