The survey, carried out in eighteen countries in
emerging markets where Carmudi operates, is a
result of an infograpic created by Carmudi using
the prices from the second quarter of 2015 and
2014 average income data.
The data were sourced from the Nigeria National
Bureau Statistics, Philippines Bureau of Labour
and Employment Statistics, The Pan African Bank,
Crédit Agricole, Trading Economics, Global Petrol
Prices, and World Vision. 2014 income data were
used for all countries except Vietnam (2015) and
Sri Lanka (GDP per capita).
The survey which examined the fuel price and
general affordability of petrol in the eighteen
emerging markets showed Nigeria with cheapest
petrol price while “fuel prices look different in East
African countries with significantly lower average
incomes. For instance, in Rwanda, where fuel
costs $1.17, about N230, the average person
makes only $1.55 per day, about N310. This
implies that one litre accounts for over 75 per
cent of a typical daily income, almost a full day’s
work.”
The report further noted: “In Indonesia, where fuel
subsidies have been cut by the government since
early 2015, most people are forced to spend over
30 per cent of their daily earnings to buy a single
litre of petrol. In Sri Lanka, a single litre of fuel
costs $0.96, taking up to nearly 45 per cent of
the national average daily
“Fuel prices in Mexico, the world’s seventh
largest oil producer, are similar to prices in
several Asian countries such as Vietnam, where a
litre is priced at $0.92 and $0.97, respectively.
Despite the similar prices, the average daily
income in Mexico is almost three times more than
Vietnam. It takes 7.8 per cent of a day’s wage in
Mexico to buy a litre; whereas, in Vietnam it costs
more than 25 per cent of the average daily
income.”
The survey also showed that, “Fuel prices in the
oil rich Middle East countries are incredibly low,
and that, coupled with the high average daily
income, makes it the best place to own a gas
guzzler. Prices range from $0.15 per litre in Saudi
Arabia, OPEC’s largest oil producer with average
daily income of $143.60, $0.26 in Qatar, the
world’s third largest oil producer with average
daily income of $382.60 to $0.47 in the United
Arab Emirates, the world’s eighth largest oil
producer with average daily income of $170.00.”
Speaking on what motivated the survey, Head of
Global Communications, Carmudi, Kalie Moore
said: “The research was carried out because
Carmudi is dedicated to providing relevant
information about the automobile industry, as we
have become the go – to place for everything
auto.”
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