The Federal Government has defended the current cost of petrol in the country, saying the price for the essential commodity is 50 per cent lower than the global average.
Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, in a statement said Nigeria enjoys a lower cost of petrol in comparison with other countries.
According to him, the price of petrol in Nigeria is approximately $0.88 per litre, lower than $1.70 in the U.S(22% higher); in India, it is 25% higher; and in South Africa, it is 35% higher. Globally, our prices are 50% lower because you allowed local refineries to work.”
Adedeji, however, assured that with the Dangote Refinery fully on stream, Nigeria’s energy security is guaranteed.
Globally, today we are 50% lower than the price, and that’s because you allow local refineries to work. Thank you, Mr President, that we don’t have a queue today.
— Zacch Adedeji, Chairman, Nigeria Revenue Service, defends fuel price at the commissioning of the new NRS… pic.twitter.com/6VJ2zfwKUx
— Channels Television (@channelstv) April 14, 2026
On his inauguration, Tinubu ended the payment of subsidy on petrol, a move that pushed the cost of the product from below N200 to almost N1,000 per litre.
Since the Middle East war a few months ago, however, prices have soared to above N1,200 per litre, depending on the location.
Adedeji, however, assured that with the Dangote Refinery fully on stream, Nigeria’s energy security is guaranteed.
He lauded the Naira-for-Crude policy of the Federal Government, saying it moved Nigeria from a net importer to a net exporter of petroleum products.
