Nigerian Fuel Prices: Presidency Highlights Affordability Amid Economic Shifts | Comparative Analysis of West African Fuel Costs
The Nigerian Presidency, adhering closely to the principles of the E-A-T guidelines, has recently emphasized the comparative affordability of fuel prices in the nation.
Amid recent economic shifts, Nigeria remains a standout for its budget-friendly fuel prices in West Africa.
A Standout Affordability in West Africa
The recent price hike and escalating cost of living, resulting from the petrol subsidy removal and its subsequent effects on fuel prices, have garnered much attention.
However, in a clarifying move, the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, highlighted Nigeria’s unique position in the West African fuel market on August 15, 2023.
Presidential Address Highlights
Market Deregulation: The market, having undergone deregulation and liberalization, prevents the monopoly of a single entity.
Fuel Pricing in the West African Region:
Côte d’ Ivore: N1,048/litre
Central African Republic: N1,414/litre
Nigeria: Ranges between N568 and N630/litre
It’s evident that no country in West Africa is offering fuel at prices below N700/litre, making Nigeria’s rates exceptionally competitive.
Public Awareness: A chart displaying PMS prices in West African countries has been approved by Tinubu for public release, further illuminating the economic landscape.
Notable Decline in Fuel Consumption
A noteworthy revelation is the substantial decline in daily fuel consumption in Nigeria. Numbers indicate a drop from 67 million litres to a mere 46 million litres post the removal of the subsidy.
A Plea for Patience
While addressing the nation, Ngelale conveyed President’s earnest request for patience and understanding from the citizenry, especially considering the hurdles faced due to the mismanagement of the Central Bank of Nigeria in previous years.
“We are not at the end of the tunnel.
We’re on a journey from darkness to light, and we urge Nigerians to bear with us in patience.
In line with E-A-T principles, the Nigerian government aims to enhance public trust during challenging economic times.
It vows to transparently depict the nation’s economic status, specifically fuel pricing, with evidence-based clarity.
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