By Jemimah Wellington, JKNewsMedia Correspondent
NIGERIA’s PETROL cost stands about 50 percent lower than the global average, with the Federal Government crediting the outcome to the economic reforms of President Bola Tinubu’s administration.
JKNewsMedia.com reports that the Executive Chairman, Nigeria Revenue Service (NRS) Zacch Adedeji, said Nigeria records a lower cost of petrol compared with other countries when he spoke at the commissioning of the new NRS headquarters in Abuja.
“People complain that the pump price is high, but as a data driven student of economics, I brought the facts,” Adedeji said.
“The price of petrol in Nigeria is approximately $0.88 per litre.
“In the United States, it is $1.70 22% higher in India it is 25% higher and in South Africa it is 35% higher.
“Globally our prices are 50% lower because you allowed local refineries to work.
“On his inauguration, Tinubu ended the payment of subsidy on petrol a move that pushed the cost of the product from below N200 to almost N1,000 per litre.
Since the Middle East war a few months ago prices have risen to above N1,200 per litre depending on location,” Adedeji said with the Dangote Refinery fully on-stream, Nigeria’s energy security is guaranteed.
Continuing he said, “Mr. President, if those difficult decisions had not been made petrol supply security would be non-existent.
“We would be facing massive queues and fuel would be both expensive and unavailable.
“Today supply is stable because it is easier to wait for deliveries from Lekki Dangote Refinery than to wait for imports from Europe.”
JKNewsMedia.com reports that he also commended the FG’s Naira for Crude policy, stating that it moved the country from a net importer to a net exporter of petroleum products.
“I have studied political philosophy and economic history and I know of no other instance where a nation sold its primary resource in its own local currency rather than a foreign reserve currency.
“Also, I remember vividly that Sunday when you called me and said Zacch get your pen I want to sell crude in naira.
“I replied Mr President crude is always benchmarked in dollars. You insisted go and do this. You made the impossible possible. Because of that vision we have no queues today.
“We have moved from being a net importer to a net exporter with reports showing Aliko Dangote supplying 17 cargoes to other African countries,” he stated.
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