The Presidency has revealed that Nigeria is currently the only country in West Africa enjoying the cheapest and most affordable price of fuel by some distance.
The information is coming amidst the hike in the cost of living brought about by the removal of petrol subsidy which has led to a corresponding increase in fuel prices
This was made known by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, on Tuesday, August 15, 2023, while addressing State House correspondents at the Presidential Villa, Abuja.
Ngelale said noted that the market having been deregulated and liberalized would no longer allow a single entity to dominate the market.
No country in West Africa sells fuel below N700/litre
The Presidential media aide also noted that Tinubu approved that the chart containing prices of PMS in other countries be transmitted to Nigerians so as to show the cost of PMS in West African countries.
- He said, “In the graphic, what you will find is the present cost of refined Premium Motor Spirit at the pump in each of the West African nations that border us and I’ll just name some for example, even as I know, you will be showing your audiences the graphics, which the President has graciously approved for public release today.
- “Senegal at pump price today of N1,273 equivalent per litre; Guinea at N1,075 per litre, Côte d’ Ivore at N1,048 per litre equivalent in their currency, Mali N1,113 per litre, Central African Republic N1,414 per litre, Nigeria is presently averaging between N568 and N630 per litre.
- “We are presently the cheapest, most affordable purchasing state in the West African sub-region by some distance. There is no country that is below N700 per litre.
Fuel consumption drops in Nigeria
Ngelale pointed out that the daily consumption of fuel had dropped from 67 million litres to 46 million litres following the removal of the subsidy.
- He said, “So this is the backdrop we have seen that at the inception of our deregulation policy as of June 1 as Mr. President took office, we have seen the PMS consumption in the country drop immediately from 67 million litres per day , down to 46 million litres per day. The impact is evident.”
He further said that the President pleaded with Nigerians to be patient and bear with his administration.
- Ngelale added, “What it also does mean though, is that we are not at the end of the tunnel. There is still a bit of darkness to travel through to get towards the light. And we are pleading with Nigerians to please be patient with us. And as we promised from the beginning, we will be open with Nigerians, and will be transparent with them. And we are ready to show you exactly what it is that our nation is facing with respect to the illiquidity in the market in terms of foreign exchange, as a result of what is now known to have been a gross mismanagement of the Central Bank of Nigeria over the course of several years preceding this time.”
Nigeria is still a young independent country., l know we can do better to humanity. We have the resources to support our people and makes us happy.
Due to our corrupt leaders, we became a sovereign country.
This must change..People must have constant electricity., adequate water supply and a healty environmental to live. Also a safe Nigeria, so most of us who are professional can return to home and assist. People are scared to move back to home because of the fear of unknown.
I know we can do better.
Is Nigeria on the same status with those countries we are being compared? This government is becoming clueless daily..
The average Nigerian is nearly 2x wealthier than their counterparts in Mali, Benin, Niger, Senegal, and pays 40% less for fuel in comparison. Despite the current challenges, it’s important to maintain a balanced perspective.
Nigeria is a crude oil producing country, with four refineries not functional, instead of rehabilitating our refineries to provide energy security for us, we are busy importing finished products and comparing ourselves with countries that are not having these Natural resources.It is very painful where we are heading to in this country.India has the oldest refinery with a capacity of 1,2400000 barrel per day refining capacity, initial installed capacity was 666,8000 b/d capacity. please we should wake from these sleep and stop advising the president wrongly. The value chain in the refinery rehabilitation is very high.