Petrol prices in Nigeria cheap despite subsidy removal – NMDPRA
By Kunle Sanni
Despite the removal of the fuel subsidy in May 2023, petrol prices in Nigeria remain cheaper than those in several West African countries, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
NMDPRA’s Chief Executive Officer, Farouk Ahmed, disclosed this on Tuesday during a briefing with State House correspondents.
He explained that the data, which compared petrol prices across nine African countries, including Central Africa, was based on crude oil priced at $66.85 per barrel and gasoline at $659.75 per metric ton.
Data Speaks
The NMDPRA official stated that the prices were converted to Naira using the Nigerian Foreign Exchange Market (NFEM) exchange rate of N1,612.24 as of April 7, 2025.
According to the conversion data, residents of Niger paid N1,167.30 for fuel, while Nigerians paid N950, a difference of N217.30 or 22.87% higher.
Additionally, he noted that neighbouring Ghana buys petrol at N1,581.39, which is 66.46% more expensive than in Nigeria.
For Liberia, the data showed that fuel was priced at N1,338.57, a difference of N388.57 or 40.9% more expensive than in Nigeria. He added that in Sierra Leone, fuel is being sold at N2,131.57, which is 124.38% more expensive than in Nigeria.
He also said that petrol sold in Senegal at N2,540.36 is approximately 167.41% more expensive than in Nigeria. In Burkina Faso, petrol is priced at N2,180.75.
Subsidy Removal
In May 2023, President Bola Ahmed Tinubu announced the removal of Nigeria’s longstanding fuel subsidy during his inaugural speech, marking a significant policy shift aimed at curbing government expenditure and promoting economic reforms.
