Nigeria's Petrol Price Ranks Among the Highest in the World

Nigeria's petrol pump price has risen sharply to between N1,310 and N1,345 per litre in Abuja and its environs. The Nigerian National Petroleum Company Limited, NNPCL, MRS, Ranoil, and other filling stations have increased petrol retail prices by between N20 and N80 per litre.

In a statement, Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC), questioned why Nigeria cannot sell Premium Motor Spirit (PMS) for between N441 and N872 per litre like other countries. He cited examples such as Saudi Arabia, which sells petrol at about N778 per litre, Kuwait at around N872, Algeria at about N475, Angola at about N441, and the United Arab Emirates, where petrol is sold below Nigeria's roughly N1,400 per litre.

Atiku noted that despite Nigeria's minimum wage of N70,000, which is far lower than those of Kuwait, Saudi Arabia, and other countries, its petrol price is close to N1,400 per litre. He asked why Nigerians have had to suffer for more than three years before the government discovered that economic growth must reach 'the dining table and the pocket'.