Petrol Should Cost ₦435–₦687 Per Litre, Petroleum Expert Argues

Petroleum engineering professor Izielen Agbon has argued that Nigeria’s petrol pricing should be based on local production costs rather than import-parity pricing. He said this could put the pump price of PMS between ₦435 and ₦687 per litre, depending on crude production, refining, distribution and tax costs. Speaking at an online public discussion, Agbon described the fuel-subsidy system as a mechanism that has enabled corruption and high prices. He also criticised the pricing model used in the domestic market and alleged that some Dangote refinery products are exported and later reimported at prices below local ex-depot rates. He linked higher petrol prices to rising transport, food and business costs, noting that many Nigerians depend on road transport and petrol generators. He called for functional public refineries, expanded rail transport, renewable energy use and a living wage to reduce the burden on workers and small businesses.

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