Highest & Cheapest Gas Prices by Country

By Tom Randall - 2012-08-13T22:00:03Z

Photograph by Dr. Gilbert H. Grosvenor/National Geographic Stock

Company Symbol % Change
56 of 63

Nigeria

Nigeria Price per gallon of gasoline: $2.32*
Price change since last quarter: -0.4%
Most-expensive-gas rank: #55
Pain-at-the-pump rank: #4
<p>Nigeria has some of the cheapest gas, yet it's out of reach for the nation's poor population. Africa's biggest oil producer spent all the revenue it received from the oil industry last year -- $8 billion -- on subsidizing the price of gasoline, according to central bank Governor Lamido Sanusi. The subsidies have drained government coffers and contributed to corruption.</p><p>A parliamentary probe this year found as much as $7 billion had been paid illegally since 2009 to gasoline importers. The country's Economic and Financial Crimes Commission is investigating more than 140 companies and individuals and said it plans to start criminal proceedings.</p><p>Nigeria relies on imports for about 70 percent of its fuel because it lacks the refining capacity to turn its oil into gasoline. The average daily income in Nigeria is $4.53. The share of a day's wages needed to buy a gallon of gas is 51 percent.</p><p>*Note: Premium gas prices were not available.

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