The Federal Government has defended the current pump price of petrol in Nigeria, linking it to ongoing economic reforms introduced under President Bola Tinubu. It also maintained that fuel remains cheaper in Nigeria compared to many other countries worldwide.
The Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, stated this on Tuesday during the commissioning of the agency’s headquarters in Abuja. He noted that while Nigerians continue to express concerns over rising fuel costs, international data indicates that Nigeria still enjoys relatively lower prices.
According to Adedeji, petrol sells for an average of about $0.88 per litre in Nigeria.
He explained that this figure is lower when compared with other countries, adding that fuel prices in the United States are about $1.70 per litre, which is roughly 22 percent higher. He also claimed that prices in India are about 25 percent higher, while South Africa’s rates exceed Nigeria’s by approximately 35 percent. Overall, he argued that Nigeria’s pricing remains about 50 percent lower than the global average due to local refining efforts.
President Tinubu’s administration removed petrol subsidy shortly after assuming office, a move that triggered a sharp rise in fuel prices—from below ₦200 per litre to nearly ₦1,000. In some locations, prices later climbed above ₦1,200 per litre, influenced by global supply disruptions and geopolitical tensions, particularly in the Middle East.
Despite public concerns over affordability, Adedeji insisted that the reforms have helped improve fuel availability and overall supply stability in the country.
He also expressed optimism about the role of the Dangote Refinery in strengthening Nigeria’s energy security, saying its full operation would reduce dependence on imports and stabilise supply.
According to him, the reforms have prevented fuel scarcity and long queues that previously plagued the country. He added that it is now easier to source petroleum locally than to rely on imports from Europe.
Adedeji further praised the Federal Government’s Naira-for-Crude initiative, describing it as a historic policy shift in Nigeria’s petroleum sector.
He said the idea was initiated directly by President Tinubu, recalling the directive to implement crude sales in naira despite traditional dollar-based pricing systems. He credited the policy with improving efficiency in the downstream sector and reducing import dependence.
He also claimed that Nigeria has moved from being a net importer of petroleum products to a net exporter, citing increased exports to other African countries.
