The Federal Government has defended Nigeria's current petrol pricing structure, presenting comparative data that places domestic fuel costs substantially below international benchmarks, a position it attributes to sweeping economic reforms implemented since President Bola Tinubu assumed office.
Zacch Adedeji, Executive Chairman of the Nigeria Revenue Service, presented the figures during the official commissioning of the NRS headquarters in Abuja on Tuesday. According to Adedeji, Nigeria's petrol price of approximately $0.88 per litre represents a significant discount relative to major economies, with the United States retailing the commodity at $1.70 per litre—22% higher than Nigerian pricing. India's rates exceed Nigerian levels by 25%, while South Africa commands prices 35% above those observed at Nigerian fuel stations.
"People complain that the pump price is expensive, but as a data-driven student of economics, I brought the facts," Adedeji stated at the gathering. "Globally, our prices are 50% lower because you allowed local refineries to work."
The pricing advantage traces its origins to Tinubu's inaugural decision to eliminate the petrol subsidy regime, a policy intervention that lifted the cost of the essential commodity from below N200 per litre to nearly N1,000 per litre. While the move initially sparked widespread consumer concern, government officials now frame the subsidy removal as a foundational step toward energy security.
Recent geopolitical disruptions, including conflict in the Middle East, have pushed pump prices above N1,200 per litre depending on location, yet officials maintain that the domestic supply situation remains stable. Adedeji credited the operationalization of the Dangote Refinery at Lekki with ensuring uninterrupted product availability.
"Mr President, if those difficult decisions hadn't been made, petrol supply security would be non-existent," Adedeji said. "We would be facing massive queues, and fuel would be both expensive and unavailable. Today, supply is stable because it is easier to wait for deliveries from Lekki than to wait for imports from Europe."
The government further highlighted its naira-for-crude initiative as a transformative policy shift that repositioned Nigeria from a net importer of petroleum products to a net exporter. Adedeji reflected on the policy's historical significance during his remarks.
"I have studied political philosophy and economic history, and I know of no other instance where a nation sold its primary resource in its own local currency rather than a foreign reserve currency," he noted. "I remember vividly that Sunday when you called me and said, 'Zacch, get your pen; I want to sell crude in Naira.'"
With the Dangote Refinery now operating at full capacity, officials project that Nigeria's energy security will remain robust, insulating the economy from external supply shocks that have tightened fuel availability across other markets globally.