Nigeria’s Minister of Finance Wale Edun has defended the recent surge in petroleum product prices, saying the increases reflect market realities and urging Nigerians to appreciate the country’s growing ability to refine crude oil locally.
Edun made the remarks during an interview on the television programme Politics Today aired on Channels Television on Wednesday. His comments come as many Nigerians continue to face rising transportation and living costs due to higher fuel prices.
According to the minister, the current pricing system was introduced under President Bola Ahmed Tinubu to allow petroleum products to reflect actual market conditions rather than government controlled pricing. He said the new mechanism ensures that prices move in response to global market forces.
“The market price for petroleum products is what has been instilled by Mr President a mechanism that was missing for so long. It is important to understand that this is not a one way street,” Edun said during the interview.
He pointed to recent price adjustments by the Dangote Refinery as an example of how market forces operate. According to Edun the refinery initially increased petrol prices to around 1200 naira per litre before reducing them to slightly above 1000 naira as global crude oil prices shifted.
The refinery owned by Nigerian billionaire Aliko Dangote is currently the largest in Africa and began producing petrol in 2024 with a refining capacity of about 650000 barrels per day. Government officials believe the facility will help strengthen Nigeria’s energy security and reduce dependence on imported fuel.
Edun argued that the investment in local refining is a major factor supporting the resilience of the Nigerian economy during a period of global uncertainty. He noted that private sector investments such as the Dangote Refinery are essential to ensuring a le supply of petroleum products.
Despite public concerns over rising living costs the minister expressed optimism about the country’s economic outlook. He said Nigeria is gradually overcoming economic challenges and urged citizens to remain patient as reforms continue.
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