The Federal Government says petrol prices in Nigeria are about 50 percent lower than the global average, despite recent increases driven by the Middle East conflict. The Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, made the statement on Tuesday in Abuja.
He said petrol currently sells at about 0.88 dollars per litre in Nigeria, compared to 1.70 dollars in the United States, and at higher prices in countries such as India and South Africa. He attributed the difference to reforms introduced by President Bola Tinubu, including support for local refining.
Adedeji said the removal of fuel subsidy and the operation of domestic refineries, including the Dangote Refinery in Lagos, have stabilised supply and improved energy security. He noted that without the reforms, the country could have faced fuel shortages and long queues.
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He also said the government’s naira-for-crude policy has helped shift Nigeria from a net importer to a net exporter of petroleum products, with reports of exports to other African countries.
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