The Federal Government has defended Nigeria’s current petrol price, arguing that the cost of fuel in the country remains lower than in the United States and some other African countries.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made the comparison during an appearance on Channels Television’s Politics Today on September 23.
According to Lokpobiri, petrol was selling at an average of about ₦1,430 per litre in Nigeria, compared with approximately ₦1,633 in the United States.
He also cited higher average prices in Cameroon, Ghana and South Africa, which he put at about ₦1,959, ₦2,070 and ₦2,070 per litre, respectively.
The minister’s comments came as fuel prices continued to fluctuate across Nigeria. Dangote Petroleum Refinery had recently reduced its petrol depot price from ₦1,350 to ₦1,325 per litre, while retail prices in some locations remained between about ₦1,370 and ₦1,450 per litre.
Lokpobiri also maintained that Nigeria’s status as an oil-producing country does not automatically guarantee cheaper petrol, pointing to global crude prices, refining costs and market conditions.
He further defended the government’s deregulation policy, arguing that it has helped create an environment for private investment in Nigeria’s downstream petroleum sector.
