TRIBUNE
Nigeria’s current pump price of Premium Motor Spirit (PMS) otherwise called Petrol is the lowest among other West African countries, findings have revealed.
Nigeria in the last few months has witnessed drastic change in the oil and gas sector with the total deregulation of the downstream sector.
This had led to a sharp increase in petrol pump prices. The product moved from N190 to N537 and very recently N617 depending on location.
The development has continued to raise reactions from Nigerians and industry stakeholders while prices of household commodities, and transportation among others have continued to soar with the current realities.
But findings carried out by NIGERIAN TRIBUNE show that the price of PMS per litre in Nigeria is the cheapest compared to other countries in West Africa.
According to the July 17th, 2023 data obtained from Global Petrol Prices on 14 countries, Nigeria ranks first, followed by Liberia (N747), Sierra-Leone (N863), Benin (N878) and Ghana (N892).
Others are; Togo (N946), Guinea (N1095), Cote d’Ivoire (N1101), Burkina Faso (N1148), Cape Verde (N1,149) Mali (N1,170), Mauritania (N1,204) and Senegal (N1,337/litre).
Further findings showed that the majority of the listed countries are importers of refined fuel while only few of them own a functional refinery or are oil producing.
