Smart Policy Moves to Cool Nigeria’s Rising Petrol Prices

Nigerians face petrol prices of ₦1,300–₦1,400 per litre amid global oil shocks and Middle East tensions. Experts say the crisis stems more from policy gaps than external forces alone. Dr. Marcel Okeke highlights the failure of domestic refining and the naira-for-crude policy. He urges the government to prioritise local supply, invoke force majeure on export obligations, and redirect crude to refineries. Prof. Dayo Ayoade warns against full price insulation but recommends a competition probe, targeted subsidies, and a price stabilisation fund under the Petroleum Industry Act 2021. He also supports longer-term strategic reserves and investment in CNG. Prof. Wumi Iledare stresses non-distortionary relief through temporary VAT and levy adjustments, transport vouchers, and stronger foreign-exchange stability. He calls for deeper supply resilience, improved logistics, and a shift beyond petroleum for sustainable price stability.

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