Oyedele: Nigeria sells petrol cheaper than several African countries

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Thursday said Nigeria sells petrol at a cheaper price than several African countries.

Oyedele disclosed that Nigeria sells petrol at a price 20 to 30 per cent lower than in Benin, Togo and Cameroon.

Speaking during a press briefing on fuel prices and subsidy questions in Abuja, the minister said the price of petrol in Nigeria is 30 to 40 per cent lower than in Ghana and South Africa.

According to Oyedele, Nigeria is among the 25 countries in the world with the lowest petrol prices.

He said: “Petrol here is 20 to 30 percent cheaper than in Benin, Togo, and Cameroon. And it’s 30 to 40 percent cheaper than in Ghana, South Africa, and feel free to verify.

“It’s roughly 35 percent below the world average and Nigeria is among the 25 lowest prices in the world.

“I have seen lots of people send me messages on WhatsApp that look at what Germany is doing, this is what they are doing in the US. Those countries are reducing taxes.”

The Coordinating Minister also said local refiners buy crude oil in naira to ease demand for dollars and foreign exchange.

“Local refiners buy Nigerian crude in naira and this eases the demand for dollars,” he added.

Oyedele: Nigeria sells petrol cheaper than several African countries