Petrol cheaper in Nigeria than US, many African countries — Minister
Nigeria’s petroleum minister says petrol is cheaper in the country than in the US, Ghana, and South Africa, defending the government’s deregulation policy. Read More: https://punchng.com/petrol-cheaper-in-nigeria-than-us-many-african-countries-minister/
Petrol prices in Nigeria are currently cheaper than in the United States and certain African nations, according to the Minister of State for Petroleum Resources, Heineken Lokpobiri. This assertion was made while defending the Federal Government's decision to deregulate the downstream petroleum sector, despite concerns over rising petrol prices.
Dangote Petroleum Refinery and other marketers have begun lowering depot prices following a decrease in international crude oil prices. However, even with these reductions, petrol prices in some locations are still ranging between N1,370 and N1,450 per litre. Lokpobiri highlighted that, despite the presence of the Dangote Refinery, Nigeria's petrol prices remain lower than those in the US (N1,633 per litre), Cameroon (N1,959 per litre), Ghana (N2,070 per litre), and South Africa (N2,070 per litre).
He argued that Nigeria's status as an oil-producing country and the Dangote Refinery's existence do not automatically lead to lower petrol prices. The minister noted that deregulation has encouraged private investment in the oil and gas sector, which would not have been possible if the government had continued importing petrol and selling it below market price.
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