Nigeria's Petrol Prices Lower than US, Says Minister Lokpobiri

Heineken Lokpobiri, the Minister of State for Petroleum Resources, asserted that the average price of petrol in Nigeria is lower than in the United States and various African nations, despite the recent removal of fuel subsidies. Speaking on Channels Television’s Politics Today, he noted that petrol prices in Nigeria average N1,430 per litre, compared to N1,633 in the US, N1,959 in Cameroon, and N2,070 in both Ghana and South Africa.

Lokpobiri explained that the presence of the Dangote Refinery does not guarantee lower prices, as deregulation has fostered private investment in the oil and gas sector. He argued that without deregulation, the Dangote Refinery would not have thrived, as government imports and lower pricing would have hindered its viability.

He also mentioned that the removal of the petrol subsidy allows for savings to be shared among the three tiers of government through the Federation Account Allocation Committee.