Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has left many Nigerians stunned with his recent comments on petrol pricing in the country.Geographic Reference

Lokpobiri said that despite the removal of fuel subsidy, petrol remains cheaper in Nigeria when compared with the United States of America (USA).

Speaking during a recent interview, the minister said Nigeria could not arbitrarily reduce petrol prices because the downstream petroleum sector is fully deregulated.

He said: “Nigeria cannot arbitrarily reduce petrol prices because the downstream sector is fully deregulated.

“The fact that crude oil is produced and refined locally does not mean Nigerians can be insulated from international crude prices.

“We are already benefiting. That is why our price is lower than that of the US.

“Today, the price in the USA is higher than that of Nigeria.Geographic Reference

“On your question whether the President Bola Tinubu administration has the power to reduce or increase petrol prices, no, we don’t, because it is completely deregulated in line with global best standards.

“On why Nigerians should still bear the impact of global crude prices and exchange rate movements when crude is produced in Nigeria, refined by Dangote Refinery and consumed locally—if crude is extracted in Nigeria, refined in Nigeria and consumed in Nigeria, why must the Nigerian consumer still bear almost the full shock of international crude prices and exchange rate movements?

“Pricing is determined by the global market. Even oil-producing countries such as Saudi Arabia sell crude to their refineries at global prices.

“Pricing is global. Nigeria’s petrol price remains lower than the global benchmark, and the situation is not peculiar to Nigeria.”

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