Petrol Cheaper in Nigeria Than US, Many African Countries — Minister

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says petrol is cheaper in Nigeria than in the United States and some African countries despite the removal of subsidy.

Lokpobiri said Nigeria’s average petrol price was about N1,430 per litre, compared with N1,633 in the United States, N1,959 in Cameroon, and N2,070 in Ghana and South Africa.

He defended the Federal Government’s deregulation of the downstream petroleum sector, saying the policy had encouraged private investment and supported the operations of the Dangote Refinery.

The minister also said savings from the removal of petrol subsidy were being shared among the three tiers of government through the Federation Account Allocation Committee.

Lokpobiri maintained that the government would not reverse the deregulation policy, arguing that it was necessary to encourage investment in the oil and gas sector.