What Would It Take to Bring Petrol Prices Down to ₦500?

A petrol price of ₦500 per litre may not be possible immediately, but it could become realistic within at least four years if major reforms are implemented. Nigeria needs functional refineries across its regions, stronger action against oil theft and illegal bunkering, and higher crude oil production. Daily output should be far above current levels if losses from theft are properly addressed. The Federal Government should also review how oil-producing states benefit from crude extraction. Greater transparency and accountability are needed within the NNPC and among oil marketers to reduce waste, corruption and avoidable costs. If these issues are seriously tackled, more locally available fuel could help reduce petrol prices over time.

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