Minister of State for Petroleum Resources Heineken Lokpobiri defended petrol deregulation during an appearance on Channels Television on TuesdayLokpobiri said Nigeria’s average petrol price of N1,430 per litre was below prices in the US, Ghana, Cameroon and South AfricaHis comments came after Dangote Refinery and other fuel suppliers reduced depot prices following a decline in global crude oil pricesPAY ATTENTION: Find it fast with our new search feature at Legit.ng! Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has defended Nigeria’s petrol deregulation policy, saying the country’s average pump price remains below those of the United States and some African countries.Lokpobiri made the statement on Tuesday, September 23 during an interview on Channels Television’s Politics Today while responding to concerns over the cost of petrol following the removal of fuel subsidies.FG responds to petrol price concerns, says Nigeria remains cheaper than four countries Photo: Bloomberg Source: Getty ImagesAccording to the minister, the average price of petrol in Nigeria was about N1,430 per litre, compared with N1,633 in the US.PAY ATTENTION: From breaking news to viral moments. Follow Legit.ng on Instagram!He also cited higher prices in Cameroon, Ghana and South Africa, putting their respective average prices at N1,959, N2,070 and N2,070 per litre. Lokpobiri said:”In the US, the average, you know, liter of fuel is N1,633.
In Nigeria, it’s on the average of N1,430. If you go to Cameroon, it’s N1,959. If you go to Ghana, it’s N2,070. If you go to South Africa, it’s N2,070.”Dangote Refinery lowers petrol depot priceThe minister’s comments came as Dangote Petroleum Refinery and other fuel suppliers reduced their prices following a decline in international crude oil prices.Dangote Refinery cut its petrol depot price from N1,350 to N1,325 per litre, while other marketers in Lagos, Port Harcourt, Calabar and Warri also announced price reductions.Despite the depot price cuts, petrol was still selling for between N1,370 and N1,450 per litre in some locations.Lokpobiri said being an oil-producing country does not automatically translate into cheaper petrol for consumers.He pointed to the US, which he described as the world’s largest producer of oil and gas and a country with substantial refining capacity.He said:”As at today, the records available show that USA is the highest producer of oil and gas in the world.
They also have the highest refining capacity, but the fuel price per liter is higher than that of Nigeria.”Lokpobiri says deregulation supports investmentThe minister also maintained that deregulation had encouraged private investment in Nigeria’s downstream oil sector.FG says N1,430 per litre is lower than US, Ghana, Cameroon, South Africa Photo: Bloomberg Source: Getty ImagesHe argued that continued government fuel imports and below-market pricing by the Nigerian National Petroleum Company Limited could have made it difficult for Dangote Refinery to operate profitably.Lokpobiri said:”But for the policy of deregulation, Dangote Refinery wouldn’t have been the most attractive IPO in the continent,” Diesel price rises by 86.40%Earlier, Legit.ng reported the National Bureau of Statistics (NBS) has revealed that the average retail price of Automotive Gas Oil (AGO), commonly known as diesel, increased by 86.40% year-on-year to N3,277.47 per litre.According to the latest diesel price watch report released by the statistics agency, the figure rose from N1,758.26 per litre recorded.The report also showed that diesel prices increased by 32.44% on a month-on-month basis Source: Legit.ng Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master’s degree from the University of Lagos. Fellow, MTN Pan African Media Innovation(2026), Member of the Nigerian Institute of Public Relations and other media think tank groups.
He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng. Nigerian National Petroleum Corporation (NNPC)Federal Government Of Nigeria Beautiful quotes Sam larry Famous person world Female cartoon characters
