The Case for ₦500 Petrol: Exposing the Fuel Price Heist
Across Lagos traffic and rural roads, petrol now sells for over ₦1,100 per litre while crude from Bonny Light trades around $72 per barrel. Nigerians bear a scandalous markup when local production and refining costs should allow much lower prices. One barrel yields about 78 litres of petrol. Even adding refining, distribution, modest taxes and a reasonable profit margin, pump prices at scale should not exceed ₦500 per litre. Independent analysts estimate fair costs well below ₦812, with potential drops under ₦900 when crude prices fall. Since fuel subsidy removal in 2023, prices have jumped from roughly ₦200 to over ₦1,200. Promised infrastructure and welfare investments have largely gone to debt servicing and opaque deals. Transport fares, food costs and poverty have all surged. Regulators, refineries and marketers must publish audited, line-item price breakdowns. A transparent, cost-based pricing formula and aggressive anti-theft measures could restore pump prices to ₦500 or below. Nigerians deserve fuel priced on real costs, not elite capture.
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