Nigerian petrol that was smuggled into West African markets is now being sold for N1,700 per litre

The Federal Government expressed concern on Monday regarding the resurgence of smuggling activities involving petrol. This rise in smuggling comes in the wake of significant price increases for the commodity in neighboring countries.

The average price of petrol in Nigeria is approximately N701 per liter, significantly lower than the average rate of N1,787 per liter in neighboring countries. This difference has led to increased incidents of petrol smuggling out of Nigeria in recent weeks.

At a press briefing in Yola, the Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, highlighted the necessity of collaborating with the Office of the National Security Adviser to address the challenge.

“Today, we are here to update members of the public on the strategic efforts of the Nigeria Customs Service in addressing the critical issue of fuel smuggling through the recently launched Operation Whirlwind, under the auspices of the Office of the National Security Adviser.

“About a year ago, the Federal Government made the bold strategic decision to remove the fuel subsidy. This crucial step was aimed at freeing up substantial funds that could be redirected to other productive sectors of the economy, reducing pressure on our foreign exchange reserves, and diversifying economic growth.

“The immediate impact was an upward adjustment in fuel prices to reflect current realities. Despite the inflationary pressures and financial strain on households, particularly those with lower incomes, comparative studies still show that fuel prices in Nigeria remain the cheapest compared to other countries in the West and Central African region,”

“While PMS is sold at an average of N701.99 in Nigeria, it is sold at an average of N1,672.05 in the Republic of Benin and N2,061.55 in Cameroon. In other countries around the region, the price of PMS ranges from N1,427.68 in Liberia to N2,128.20 in Mali, averaging N1,787.57, according to the fuel price data obtained from opensource.”