Expert Urges Govt to Cut Fuel Price to ?800, Warns War Could Push Costs to ?1,600

An energy expert has advised the Federal Government to work towards reducing the price of petrol to about ?800 per litre, stating that such a move would help ease the rising cost of living for Nigerians.

Speaking during an appearance on The Morning Brief on Channels Television, the analyst suggested that partnering with the Dangote Refinery could help stabilise fuel prices by maintaining favourable crude supply conditions.

He explained that before the current global tensions, fuel prices had dropped significantly, but the ongoing crisis—particularly in the Middle East—has driven crude oil prices upward, leading to increased living costs and higher food prices.

The expert recommended tackling oil theft and channeling more crude supply to local refining as part of measures to bring down prices. He also urged the government to ensure regulated pricing for petroleum products to protect consumers.

He warned that if global oil prices continue to rise—especially if they hit around $120 per barrel—petrol prices in Nigeria could exceed ?1,500 per litre, further increasing transportation and production costs.

According to him, the ripple effects of the crisis are already being felt, including possible disruptions in aviation fuel supply and broader economic pressures.

He added that prolonged conflict could push diesel prices close to ?2,000 per litre, worsening inflation and affecting businesses and households.

The expert projected that inflation could rise further, noting that commodity prices are already increasing due to global market pressures.

Beyond fuel pricing, he called for broader economic reforms, including improvements in electricity supply, agriculture, railway infrastructure, and oil production, stressing that Nigeria must boost output and strengthen local capacity to withstand global shocks.