Petrol remains cheaper in Nigeria than US, Ghana, others — Lokpobiri

Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri says the average retail price of petrol in Nigeria remains lower than prices in the United States and several African countries despite the removal of fuel subsidy.

Lokpobiri made the claim during an appearance on Channels Television’s Politics Today while defending the Federal Government’s deregulation of the downstream petroleum sector.

According to figures cited by the minister, petrol averaged about N1,430 per litre in Nigeria, compared with figures he put at N1,633 in the United States, N1,959 in Cameroon and around N2,070 in Ghana and South Africa after currency conversion.

His comments came as domestic petrol prices remained elevated.

Punch reported that the Dangote Petroleum Refinery had reduced its depot price from N1,350 to N1,325 per litre, while retail petrol was still selling for roughly N1,370 to N1,450 per litre in some locations.

Lokpobiri argued that being an oil-producing country or having a large domestic refinery does not automatically mean Nigeria will have unusually cheap petrol because fuel prices are influenced by global crude oil and market conditions.

He also defended the removal of petrol subsidy and deregulation, arguing that the policies had created room for private investment in refining and other parts of the petroleum industry.

The minister said increased revenue following subsidy removal had also boosted allocations shared among federal, state and local governments.

However, Nigerian consumers have continued to report significant pressure from high petrol prices, with transport and other living costs rising alongside fuel prices. Recent reports show petrol selling as high as about N1,500 per litre in some parts of the country.