By Lokpobiri
Global standard or local struggle? Inside the fuel numbers fueling the deregulation debate
The Minister of State for Petroleum Resources Heineken Lokpobiri has defended the Federal Government’s fuel deregulation policy amid rising public concerns over transportation and energy costs in Nigeria.
Speaking during an interview on Channels Television’s Politics Today, Lokpobiri presented comparative figures showing that petrol prices in several African nations and the United States remain significantly higher than in Nigeria.
“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,” Lokpobiri stated, adding that Nigeria’s average price stood around N1,430 per litre.
The minister further noted that consumers in the United States pay an average of about N1,633 per litre for fuel despite the country’s massive crude oil reserves and domestic refining capacity.
Based on his breakdown, Nigeria’s current average fuel cost is over N500 cheaper than Cameroon’s rate and roughly N640 below the pump prices recorded in Ghana and South Africa.
Lokpobiri argued that holding large crude oil deposits or operating local refineries does not automatically determine the final retail cost paid by consumers at the pump.
He cited the United States to demonstrate that even top global producers with immense refining power still record higher market prices than Nigeria.
According to him, the primary objective of deregulation is to create room for private enterprises to drive the downstream petroleum sector rather than relying on government subsidies and state-led imports.
The minister insisted that while citizens are facing economic pressure from energy expenses, the figures confirm that petrol remains relatively cheaper in Nigeria compared to many regional and international markets.
