Lokpobiri Says Petrol Still Costs Less in Nigeria Than in US, Ghana and South Africa

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says the average petrol price in Nigeria remains lower than prices in the United States and several African countries despite the removal of subsidy. He put Nigeria’s average price at about ₦1,430 per litre, compared with ₦1,633 in the United States, ₦1,959 in Cameroon, and about ₦2,070 in Ghana and South Africa. He said crude oil and refined petroleum products are globally priced, so Nigeria cannot be insulated from international energy costs. Lokpobiri defended deregulation, arguing that it has encouraged private investment and made it easier for domestic refiners such as Dangote Refinery to compete. He added that the policy has increased funds shared among the federal, state and local governments, while insisting the government will not return to fuel subsidies.

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