Tinubu Govt Claims No Power to Lower Petrol Prices Amid Rising Costs

Nigerian Petroleum Minister Heineken Lokpobiri has defended the country's high petrol prices, stating that the government cannot reduce or increase them due to global market forces. The Premium Motor Spirit (PMS) price is determined by international crude oil prices and exchange-rate fluctuations.

Lokpobiri made this statement while being interviewed on Channels Television, where he also claimed that petrol is currently cheaper in Nigeria than in the United States, despite the US being one of the world's largest crude oil producers and having a large refining capacity.

The minister argued that even oil-producing countries like Saudi Arabia sell crude to refineries based on international market prices. He noted that increased domestic crude production would not necessarily translate into substantially lower petrol prices because crude remains an internationally traded commodity.

Lokpobiri added that Nigerians are benefiting from the elimination of transportation and importation costs associated with bringing refined petroleum products into the country, despite the increasing availability of locally refined products.