In a recent statement, Nigeria’s Petroleum Minister, Timipre Sylva, defended the government’s deregulation policy by asserting that petrol is cheaper in Nigeria than in the United States, Ghana, and South Africa. According to Punch Newspapers, Sylva made these remarks at the inauguration of the National Petroleum Price Monitoring Committee in Abuja.
The Minister’s statement comes as a response to criticism over the recent fuel price increases in Nigeria. The deregulation policy, implemented earlier this year, led to a significant hike in the cost of petrol.
However, it is important to note that the affordability of petrol compared to other countries depends on various factors such as taxes, subsidies, and the local exchange rate. Therefore, a direct comparison might not fully reflect the real-world prices consumers face in these nations.
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