The Federal Government has attributed Nigeria’s current petrol pricing to the economic reforms of President Bola Tinubu, stating that fuel costs in the country are about 50 percent lower than the global average.
Speaking on Tuesday at the commissioning of the Nigeria Revenue Service headquarters in Abuja, the Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, said data shows Nigeria has comparatively cheaper petrol prices.
According to him, petrol currently sells at about $0.88 per litre in Nigeria, compared to $1.70 in the United States, while prices are also higher in India and South Africa.
Adedeji noted that the price advantage is linked to policy decisions that enabled local refining, particularly the operations of the Dangote Refinery, which has improved domestic supply.
He explained that the removal of petrol subsidy at the start of Tinubu’s administration led to an initial surge in prices—from under ₦200 to nearly ₦1,000 per litre—and later above ₦1,200 following global supply disruptions linked to Middle East tensions.
Despite these increases, he maintained that fuel supply has stabilized, with improved distribution reducing reliance on imports and eliminating long queues at filling stations.
Adedeji also highlighted the Federal Government’s Naira-for-crude policy, describing it as a major shift that has helped reposition Nigeria from a net importer to a net exporter of refined petroleum products.
