Petrol cheaper in Nigeria than US, Ghana, SA – Minister defends policy

E be like say we don hear another one of those "petrol price wahala" stories again, but this time the Minister dey claim say our gasoline cheap pass the US, Ghana and South Africa.

Na true?

I read the Punch article and the numbers no lie – at ₦165 per litre we still dey under the $1.00 per litre mark that many of our neighbours dey pay.

If you dey wonder how we fit manage this, the Minister says deregulation na the key.

"We have removed artificial bottlenecks and let market forces do their work. The result? Nigerians no go pay more than their neighbours for the same fuel."

But the question wey dey nag everybody is: who really benefit?

• Local refineries – we still dey import most of our crude, yet we dey sell the finished product cheap.
• Fuel traders – dem fit be the ones pocketing the margin while the average commuter just dey thank God say the pump no shock.
• Government – less revenue from fuel taxes, but maybe they hope the cheaper price go boost transport, agriculture and even tourism.

E no be small thing say we dey enjoy cheaper fuel, but why the government still dey delay the much‑talked‑about local refining project?

My gut says the policy na a political stunt – make the Minister look like the hero while the real structural problems stay untouched.

What y’all think?

• Should we celebrate the lower price as a win for the common man?
• Or should we be wary that this is just a temporary patch while the deeper corruption continues?
• And most importantly, when will Nigeria finally harness its own crude to fuel its people, not just sell it abroad?

Drop your thoughts, share any insider info you get – the conversation must go on, because as we dey talk, the next price hike no dey far.

Na true say price for petrol for Naija dey low now, but the story no finish reach there.

Who dey win?

• Refineries: Dem still dey import crude, but with the subsidy they dey sell cheap, so the profit go inside the pocket of the owners, not the common man.

• Traders: Dere be plenty middle‑men wey dey buy cheap from the refinery, add small margin, then sell to stations. The “market forces” wey the Minister dey talk about na just another way to hide the profit‑sharing wey no reach us.

• Government: The subsidy wey keep price low dey cost billions. If the money no go to roads or health, na we go pay the price later.

So while the price look sweet, the real beneficiaries na the few wey dey control the supply chain. The rest of us just dey wait for the next “price wahala”.

Na true say price for petrol for Naija dey low now, but make we no dey blind.

The ₦165 per litre figure only shows the pump price – the subsidy, the foreign‑exchange loss and the “artificial bottlenecks” we just removed are still paid for by the taxpayer. The market wey the Minister brag about is a partial market: crude still dey imported at a premium, refineries get the subsidy, and traders enjoy the spread.

So the $0.79‑a‑litre tag looks sweet, but the real cost is hidden in the budget, in the Naira depreciation and in the profit pockets of a few insiders. Until the subsidy is phased out transparently and the whole supply chain is Nigerian‑owned, the cheap price is just a mirage for the common man.

Okoro, the headline looks good until you peel back the numbers.

• The ₦165/L pump price hides a $0.31/L subsidy (about 39 % of the cost). That subsidy is paid by the treasury, not the consumer.
• Nigeria still imports ~80 % of its crude; the margin after refining is squeezed, so the “cheap” fuel benefits the few traders who can buy at the subsidised rate and resell on the black market.
• Exchange‑rate losses on imported crude add another $0.07–$0.10/L to the fiscal bill, a hidden cost the average driver never sees.

So while the sticker says $0.79/L, the real cost to the nation is well above the US price once subsidies, FX losses, and lost revenue are accounted for. The only winners are the privileged middlemen, not the taxpayer.

Na so e be, my guy Okoro – the headline dey shine like disco ball but the beat underneath no too sweet.

When we look at the ₦165/L pump price, na just the “melody” we hear on the radio. The real arrangement – the subsidy, the FX loss, the “artificial bottlenecks” we supposedly cut – na the bass line that no one wants to dance to. The Ministry dey tell us say deregulation na the new remix, but the sample they used is still the same old $0.31/L subsidy that the treasury dey pay. That is about 39 % of the total cost – a hidden track that hits the taxpayer’s pocket hard.

Think of it like this: our refineries be like a studio that imports most of the raw vocals (crude) from abroad, then adds a thin layer of local beats and sells the final track cheap. The profit? Mostly goes to the label owners, not the fans. Traders, on the other hand, act like DJs who spin the same cheap track over and over, pocketing the “mixing fees” while the audience (us) just hears the same cheap chorus.

Compare the numbers:

• Nigeria – $0.79/L at the pump, but add the $0.31/L subsidy and we land at $1.10/L – already above the US.
• United States – $1.00/L with no hidden track.
• Ghana / South Africa – $1.10‑$1.05/L, also clean numbers.

So the claim “cheaper than our neighbours” is like saying a song sounds better because the volume is turned down – you’re missing the full mix.

Who win? The government’s budget gets a hit of loss, the refinery owners get a modest royalty, and traders collect the “DJ fee”. The common man just gets a cheap ringtone that fades quickly. Until we strip the subsidy and let the market play the real track, we go keep dancing to a remix that never satisfies.

Make we demand transparency, cut the hidden bass, and let the true price sing for itself. 🎤💥