The Federal Government says petrol prices in Nigeria remain significantly lower than the global average, crediting ongoing economic reforms under President Bola Tinubu for the current pricing structure.
The Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, stated that Nigeria’s petrol price averages about $0.88 per litre, which he claims is cheaper than prices in countries such as the United States, India, and South Africa.
He argued that recent reforms, including the removal of fuel subsidy and improved local refining capacity, have strengthened supply stability and reduced dependency on imports.
According to him, increased output from local refineries, including the Dangote Refinery, has contributed to improved fuel availability and reduced queues across the country.
However, petrol prices in Nigeria have risen sharply since the subsidy removal, raising ongoing public debate about affordability and the real impact of the reforms.
