Fuel cheaper in Nigeria than US, Tinubu govt can’t cut petrol price — Petroleum minister Lokpobiri

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said the Federal Government lacks the power to arbitrarily increase or reduce petrol prices, attributing fluctuations to global market forces. Lokpobiri stated this during an interview with Channels Television, amid renewed concerns over rising petrol prices.

Responding to questions on why Nigerians should continue paying international-linked prices despite growing domestic refining, the minister said the downstream petroleum sector was “completely deregulated”. According to Sahara Reporters, he added that crude oil and refined petroleum products were globally traded commodities and Nigeria could not operate in isolation.

“Crude oil and refined products are a global business. Nigeria doesn’t exist in isolation,” Lokpobiri said. Asked whether the Tinubu administration could increase or reduce petrol prices, he replied: “No, we don’t.”

The minister also said petrol was currently cheaper in Nigeria than in the United States, despite the US being a major crude producer and having extensive refining capacity. He argued that higher domestic crude production would not automatically translate into substantially lower petrol prices because crude remains internationally traded.