Petrol In Nigeria Cheapest, Most Affordable In West Africa – Ajuri Ngelale

Amidst the rise in the cost of living due to the elimination of petrol subsidy, which has resulted in an associated increase in fuel prices, the Presidency stated on Tuesday that Nigeria currently boasts the most economical and affordable Premium Motor Spirit (PMS) price in West Africa. Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, addressed State House correspondents with this information. Ngelale emphasized that the removal of subsidy has led to a drop in daily fuel consumption, decreasing from 67 million litres to 46 million litres.In a conversation with President Bola Tinubu on Tuesday morning, Ngelale reported that the President urged stakeholders in the country to remain calm, and he considered the threats of an indefinite strike by organized labor to be premature.

According to punch news, He stated, “The President believes that it is vital for all parties involved in the country to remain calm. We have recently heard from the organized labor movement in the country regarding their recent threat. We believe the threat was untimely and that all sides need to ensure that a thorough fact-finding process is conducted on the current state of the downstream and midstream petroleum industry before any conclusions or threats are issued. Secondly, Mr. President wishes to assure Nigerians, following the NNPC Limited’s announcement just yesterday, that there will be no increase in the pump price of Premium Motor Spirit anywhere in the country. We reiterate that the President confirms there will be no increase in the pump price of Premium Motor Spirit.”

Furthermore, the presidential aide highlighted that in a deregulated market, no single entity would dominate the market. He added, “The market has undergone deregulation. It has been opened up, and we are moving forward in that direction without turning back.”

Ngelale also conveyed that Tinubu authorized the dissemination of a chart displaying the prices of PMS in other countries to show the comparative costs of PMS in West African nations.

He outlined, “In the graphic, you will find the current cost of refined Premium Motor Spirit at the pump in each of the West African neighboring nations. For instance, Senegal has a current pump price of N1,273 equivalent per liter; Guinea at N1,075 per liter, Côte d’Ivoire at N1,048 per liter equivalent in their currency, Mali at N1,113 per liter, Central African Republic at N1,414 per liter, and Nigeria is currently averaging between N568 and N630 per liter. We are currently the most cost-effective and affordable purchasing nation in the West African sub-region by a significant margin. No country has a price below N700 per liter.”

He further mentioned that since the implementation of the deregulation policy on June 1, the PMS consumption in Nigeria has immediately dropped from 67 million liters per day to 46 million liters per day, and the impact of this change is evident.

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