Petrol cheaper in Nigeria than US, many African countries — Minister

Minister of State for Petroleum Resources Heineken Lokpobiri has asserted that petrol prices in Nigeria remain lower than in the United States and certain African nations, despite the removal of the fuel subsidy. During an interview on Channels Television's Politics Today, Lokpobiri defended the Federal Government's decision to deregulate the downstream petroleum sector.

He highlighted that even with the Dangote Petroleum Refinery's involvement and other marketers cutting depot prices, petrol in Nigeria still sold for between N1,370 and N1,450 per litre, as opposed to N1,633 per litre in the United States. The minister emphasized that Nigeria's status as an oil-producing country and the presence of the Dangote Refinery did not inherently lead to lower petrol prices.

He argued that deregulation had attracted private investment, making the Dangote Refinery the most attractive IPO on the continent. Furthermore, Lokpobiri defended the removal of petrol subsidies, stating that the savings from this policy were being distributed to the three levels of government through the Federation Account Allocation Committee.

According to him, this resulted in states being able to fund large-scale projects, previously a challenge when there was no subsidy. Despite concerns about high petrol prices, Lokpobiri maintained that consumers in the United States, Europe, and other global markets also faced similar issues, emphasizing that oil and gas prices are a global commodity.