Nigeria's Lokpobiri Defends Petrol Prices Amid Deregulation

Heineken Lokpobiri, the Minister of State for Petroleum Resources, defended Nigeria's petrol deregulation policy during an interview on Channels Television on September 23. He stated that the average pump price in Nigeria is approximately N1,430 per litre, which is lower than the N1,633 per litre in the US and higher prices in Cameroon (N1,959), Ghana (N2,070), and South Africa (N2,070).

Lokpobiri explained that being an oil-producing country does not guarantee cheaper petrol, citing the US as an example. He mentioned that recent reductions in international crude oil prices led to price cuts by fuel suppliers, including Dangote Refinery, which lowered its petrol depot price from N1,350 to N1,325 per litre.

Despite these reductions, petrol prices in some locations still ranged between N1,370 and N1,450 per litre. Lokpobiri emphasized that deregulation has fostered private investment in Nigeria's downstream oil sector.