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The Federal Government has said that petrol remains cheaper in Nigeria than in the United States and several African countries, despite concerns among Nigerians over the rising cost of fuel and its impact on household expenses.
The minister made the comparison while discussing developments in Nigeria’s downstream petroleum sector and the price consumers currently pay for Premium Motor Spirit (PMS).
According to the government’s position, Nigeria’s petrol price should be considered within the broader international market, where consumers in several countries pay more for a litre of the product.
The comparison, however, comes against the backdrop of concerns over affordability. For many Nigerians, the key issue is not simply the pump price when converted into other currencies, but how much fuel costs relative to household income and purchasing power.
Petrol prices have become particularly significant to the Nigerian economy because fuel costs affect transportation, logistics, food distribution and the operating expenses of businesses that depend on alternative power generation.
The debate over petrol affordability has intensified since the removal of the petrol subsidy in 2023, which allowed domestic pump prices to move more closely with market conditions.
While the government has repeatedly defended its petroleum-sector reforms as necessary for reducing subsidy expenditure and encouraging investment, households and businesses continue to contend with the wider cost-of-living implications.
The minister’s latest statement is therefore likely to renew debate over a central question: Should petrol affordability be measured by comparing pump prices across countries, or by comparing what citizens earn and how much of their income is required to buy fuel?
