- President Bola Tinubu has defended the petrol price increase and released charts comparing Nigeria's prices with those of West African countries
- This follows reports that petrol prices are set to increase to N720 amid naira depreciation and forex challenge
- Currently, one litre of petrol is sold across the country for around N568 in the southern states and for as high as N630 in the northern states
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President Bola Tinubu has revealed that Nigerians enjoy the lowest petrol prices among West African countries.
The statement comes amid growing concerns among Nigerians as marketers suggest an increase in the coming days citing various fundamentals.
Tinubu, speaking through his Special Adviser on Media and Publicity, Ajuri Ngelale, however, allayed the fears of Nigerians about a possible increase in petrol price to N720 per litre, ThisDay reports.
Petrol price increase
Ngelale, who spoke with journalists at State House, Abuja, on Tuesday, April 15, 2023, noted that the president said the current petrol pricing will be maintained. There is no need to reintroduce fuel subsidy.
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“This morning, I have the privilege of sitting down with His Excellency, President Bola Tinubu, as we discussed the current unfolding situation in the country as it relates to fuel supply and demand.
Mr. President wishes to assure Nigerians following the announcement by the NNPC Limited just yesterday that there will be no increase in the pump price of premium motor spirit anywhere in the country.
To further drive home his points, Ngelale presented a chart stressing that petrol prices are still lower in Nigeria than other West African countries.
“Within the visuals, you'll discover the current pricing of refined premium motor spirit at fuel stations in the neighbouring West African nations. I'll mention a few examples, as I'm aware that you'll be presenting these visuals to your audience – graphics that have been graciously approved for public release by the president today.
Petrol price by country
- Senegal: N1,273 per litre
- Guinea: N1,075 per litre
- Côte d'Ivoire: N1,048 per litre
- Mali: N1,113 per litre
- Ghana N900 per litre
- Central African Republic: N1,414 per litre
- Nigeria: Presently ranging 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."
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Meanwhile, in another report, Legit.ng revealed Nigerians would have to prepare for another price increase in the coming days if the situation of the naira doesn't improve and global crude prices continue to rise.
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However, the message from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to Nigerians is not to panic.
The President of IPMAN spoke to Legit.ng, detailing what Nigerians should expect, as many fear that a litre of petrol could hit N1000.