The prices of Premium Motor Spirit (PMS) commonly called petrol across the OPEC member countries have significantly changed in the last 12 months.
Using Nigerian Naira, data from StatiSense, a data technology company, indicated that with the exception of Iran and Venezuela, all other member countries have raised oil prices from August 2022 to the same period in 2023. In the case of Iran and Venezuela, the prices were subsidised from N212 to N21.6 and from N9 to N3 respectively.
Updates from GlobalPetrolPrices.com on September 4, 2023, revealed that Nigeria has the highest increase during the period with over 254.6%, taking up from N174 (2022) to the present N617 per litre. This is a result of the fuel subsidy removal by President Bola Ahmed Tinubu on 29 May 2023. However, Gabon remains the member country with the highest price of the product so far with N770.