Fuel Price in Nigeria is the cheapest in West Africa.
In a bid to alleviate concerns over rising fuel prices, President Bola Tinubu has reassured the citizens of Nigeria that his administration is actively taking measures to curb the increase in fuel prices without reverting to the subsidy regime. The President’s commitment to addressing this issue was conveyed to journalists at the Presidential Villa, Abuja, by his special adviser on media and publicity, Ajuri Ngelale, on Tuesday.
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Ngelale disclosed that President Tinubu is focused on rectifying inefficiencies within the petroleum industry as a strategy to manage fuel costs. The assurance comes amid the recent threat of an indefinite nationwide strike by the Nigerian Labour Congress (NLC) in response to potential fuel price hikes.
The President acknowledged the organized Labour’s concerns, labeling the threat as premature. He urged stakeholders to approach the situation with caution and appealed for calm among citizens. Ngelale reiterated that there would be no immediate increase in pump prices and affirmed President Tinubu’s conviction that the current pricing can be maintained while addressing inefficiencies within the petroleum sector.
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Ngelale further elaborated on the President’s commitment to maintaining competitive dynamics within the petroleum industry. He emphasized that the industry’s deregulation and liberalization are irreversible, and the President aims to prevent any single entity from dominating the market. Ngelale also shared graphics provided by the NNPC Limited, illustrating the cost of refined premium motor spirit (PMS) at pump prices in neighboring West African nations. He highlighted Nigeria’s favorable position as one of the most affordable options in the region.
Additionally, Ngelale discussed the positive impact of President Tinubu’s decision to remove the subsidy on PMS upon assuming office. He noted that consumption rates dropped from 67 million to 46 million liters per day, contributing to a drop in fuel costs. Ngelale acknowledged the challenges posed by foreign exchange illiquidity due to historical mismanagement of the Central Bank of Nigeria.
He further stated, “I wish at this juncture to also provide a set of graphics, which the President has authorized me to share with Nigerians, that otherwise would be confidential. These are graphics supplied to Mr President by the NNPCL. In the graphics, what you will find is the present cost of refined premium motor spirit at the pump in each of the West African nations that neighbour us and I’ll just name some for example, even as I know, you’ll be showing the audience’s the graphics, which the President has graciously approved for public release today.
“Senegal at pump price today of N1,273 equivalent per litre; Guinea at N1,075 per litre; Cote d’Ivoire at N1,048 per litre equivalent in their currency; Mali at N1,113 per litre; Central African Republic, N1,414 per litre. Nigeria is presently averaging between N568 and N630 per litre. We are presently the cheapest, most affordable purchasing state in the West African sub-region by some distance, there is no country that is below N700 per litre.”
As the government continues its efforts to stabilize fuel prices, Ngelale urged Nigerians to exercise patience and assured them of the administration’s commitment to transparency and open communication regarding the nation’s economic challenges.
Overall, President Tinubu’s administration is resolute in its mission to strike a balance between maintaining affordable fuel prices and addressing the underlying inefficiencies within the petroleum sector, demonstrating its dedication to the welfare of Nigerian citizens.
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