As of 2023, the petrol price index in Nigeria in relation to salaries amounted to 172 liters per month, a significant drop of 56 percent from the preceding year. Over the observed period, the petrol price index peaked in 2020 at 539 liters per month. Since then, the index has followed a yearly decreasing trend. The petrol price index measures how much petrol can be bought in comparison to the average salary in a country in a certain year.
Petrol price index in relation to salaries in Nigeria from 2019 to 2023
The source reports that: "Petrol Index is an annual ranking of the relation between petrol prices and salaries conducted by Picodi.com since 2019."
According to the source the methodology is: "In this study, the source used the latest average wage data published by national statistics offices or relevant ministries. In countries where such data is not published, we used statistics from Numbeo. The average petrol prices in 104 countries in the first half of 2023 were taken from GlobalPetrolPrices.com and other local sources. The difference between prices in June and January was calculated in local currencies. In order to calculate the “Petrol Index”, we divided the average net wage (obtained through local wage calculators) by an average price of a litre of petrol in June. For currency conversion, we used the average exchange rate data from Google Finance for June 2023."
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Picodi. (July 12, 2023). Petrol price index in relation to salaries in Nigeria from 2019 to 2023 [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1403406/petrol-price-index-relation-salaries-nigeria/
Picodi. "Petrol price index in relation to salaries in Nigeria from 2019 to 2023." Chart. July 12, 2023. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1403406/petrol-price-index-relation-salaries-nigeria/
Picodi. (2023). Petrol price index in relation to salaries in Nigeria from 2019 to 2023. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1403406/petrol-price-index-relation-salaries-nigeria/
Picodi. "Petrol Price Index in Relation to Salaries in Nigeria from 2019 to 2023." Statista, Statista Inc., 12 Jul 2023, https://www.statista.com/statistics/1403406/petrol-price-index-relation-salaries-nigeria/
Picodi, Petrol price index in relation to salaries in Nigeria from 2019 to 2023 Statista, https://www.statista.com/statistics/1403406/petrol-price-index-relation-salaries-nigeria/ (last visited November 21, 2024)
Petrol price index in relation to salaries in Nigeria from 2019 to 2023 [Graph], Picodi, July 12, 2023. [Online]. Available: https://www.statista.com/statistics/1403406/petrol-price-index-relation-salaries-nigeria/
