The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said petrol remains cheaper in Nigeria than in the United States and several African countries despite the removal of fuel subsidy.
Lokpobiri made the statement during an appearance on Channels Television’s Politics Today on Tuesday, September 22, while defending the Federal Government’s deregulation of the downstream petroleum sector amid concerns over rising fuel prices.
He said the average price of petrol in Nigeria was about N1,430 per litre, compared with N1,633 in the United States, N1,959 in Cameroon, and N2,070 in both Ghana and South Africa.
The minister argued that being an oil-producing nation and having the Dangote Petroleum Refinery do not automatically translate into lower petrol prices.
He cited the United States, which he described as the world’s largest oil and gas producer with extensive refining capacity, noting that petrol prices there could still be higher than those in Nigeria.
According to Lokpobiri, crude oil and refined petroleum products are traded on the international market, making it difficult for Nigeria to isolate its domestic fuel prices from global energy market trends.
“Oil and gas is a global commodity. What is sold in New York is what is also sold here,” he said.
He added that consumers in the United States and Europe were also experiencing the effects of high energy costs.
His comments came amid reports that the Dangote Petroleum Refinery and other fuel marketers had reduced depot prices following a decline in international crude oil prices.
