Nigeria’s petrol price remains below that of many African countries, Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele said on Thursday, while defending the government’s position on fuel pricing and subsidy concerns.
Nigeria’s petrol price remains among the world’s lowest
Speaking at a briefing in Abuja on petrol prices and subsidy-related issues, Oyedele said Nigeria’s pump price is significantly below rates in several neighboring and regional markets.
- Petrol in Nigeria is priced 20% to 30% below levels in Benin, Togo and Cameroon.
- The gap widens to 30% to 40% compared with prices in Ghana and South Africa.
- Nigeria’s price is about 35% under the global average.
- The country ranks among the 25 nations with the cheapest petrol worldwide.
Oyedele urged Nigerians to verify the comparisons, saying the differences were not based on isolated examples. He also referred to messages circulated on WhatsApp that compared Nigeria with Germany and the United States.
Tax comparisons and crude payments
The minister said some of the countries cited in those messages are cutting taxes, a policy difference that can affect the final price paid by consumers at the pump.
He added that domestic refineries purchase Nigerian crude in naira. In his view, that arrangement reduces refiners’ need to obtain dollars and therefore helps ease pressure on foreign-exchange demand.
