FG Defends Petrol Price, Says Cost In Nigeria Is 50% Below Global Average

The Federal Government has defended the cost of petrol in Nigeria, attributing current pricing to the economic reforms of Bola Ahmed Tinubu’s administration, and stating that prices remain about 50 percent lower than the global average.

The Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, said Nigeria enjoys comparatively lower petrol prices than many countries.

He explained that petrol sells for about $0.88 per litre in Nigeria, compared to $1.70 in the United States, with prices also higher in India and South Africa.

Adedeji noted that globally, Nigeria’s petrol prices are about 50 percent lower, attributing this to the operation of local refineries.

‘Supply is Stable’

Following his inauguration, President Tinubu removed petrol subsidies, which caused prices to rise from below ₦200 per litre to nearly ₦1,000.

In recent months, however, prices have increased further to over ₦1,200 per litre due to the impact of the Middle East conflict.

Despite this, Adedeji assured that fuel supply remains stable, especially with the operations of the Dangote Refinery.

He stated that the country now benefits from improved energy security, adding that it is easier to source fuel locally than depend on imports from Europe.

‘You Made the Impossible Possible’

Adedeji also praised the Federal Government’s Naira-for-crude policy, describing it as a transformative move that shifted Nigeria from being a net importer to a net exporter of petroleum products.

He highlighted that the policy allows crude oil to be sold in the local currency rather than foreign currencies, calling it an unprecedented step in economic history.

According to him, the initiative has helped eliminate fuel queues and strengthened supply across the country.

He further revealed that businessman Aliko Dangote has already exported multiple cargoes of refined petroleum products to other African countries, reinforcing Nigeria’s new position in the global energy market.