Saturday, July 31st, 2021

Petrol Price in Nigeria is the Cheapest – Lai Mohammed

Petrol price in Nigeria is the cheapest in West Africa says the Honourable Minister of Information, Alhaji Lai Mohammed citing Ghana (N332), Benin (N359), Togo (300), Niger (N346), Chad (N366), Cameroon (N449), Burkina Faso (N433), Mali (N476), Liberia (N257), Sierra Leone (N281), Guinea (N363), Senegal (N549) and Egypt (N211) as examples compared to Petrol price in Nigeria (N162).

Lai Mohammed disclosed this in a joint press conference alongside the Honourable Minister of Petroleum (State), Timipre Sylva and the Honourable Minister of Power, Engineer Mamman to address the recent increase of petrol price in Nigeria.

Nigeria at 60: Win N3m for Poem/Photo/Slogan

Starting with fuel prices, the information minister said, “As you aware, that the long-drawn fuel subsidy regime ended in March 2020, when the Petroleum Products Pricing Regulatory Agency (PPPRA) announced that it had begun fuel price modulation, in accordance with prevailing market dynamics, and would respond appropriately to any further oil market development.”

Recall that the petrol price in Nigeria dropped from 145 to N125 Naira per litre, and then to between 121.50 and 123.50 Naira per litre in May. With the low price of crude oil, fell, and the lower pump price was passed on to the consumers to enjoy. With the price of crude itching up, the price of petrol locally is also bound to increase, hence the latest price of 162 Naira per litre. If, perchance, the price of crude drops again, the price of petrol will also drop, and the benefits will also be passed on to the consumers. The angry reactions that have greeted the latest prices of Premium Motor Spirit (PMS) are therefore unnecessary and totally mischievous, He proceeded.

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The summary of the issue on petrol price in Nigeria by the Information Minister is in agreement with what the Vice-President; Professor Yemi Osinbajo said earlier that Fuel subsidy is not included in the 2020 budget.  And that the government is providing cheaper and more efficient fuel in form of auto gas.

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