Current fuel prices reflects market conditions; Nigerians should appreciate local refining capacity — Finance Minister, Wale Edun

Current fuel prices reflects market conditions; Nigerians should appreciate local refining capacity — Finance Minister, Wale Edun

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said rising petrol prices reflect market realities, urging Nigerians to be thankful that the country now has the capacity to refine petroleum products locally.

Speaking during an interview on Politics Today on Channels Television, Edun explained that the current fuel pricing system is driven by market forces introduced by President Bola Ahmed Tinubu. According to him, this mechanism replaced the old system that kept petrol prices artificially controlled for years.

The minister pointed to the operations of the Dangote Refinery as evidence that the market is beginning to work. He noted that the refinery had previously reduced petrol prices from about ₦1,200 per litre to around ₦1,000–₦1,050, describing such changes as normal market dynamics.

Edun added that Nigeria’s economic resilience is being strengthened by local refining investments, particularly the refinery owned by billionaire Aliko Dangote. He stressed that the country should support local refiners to ensure steady fuel supply.

The minister also expressed optimism about Nigeria’s economy despite global uncertainties such as the ongoing Middle East crisis and the prolonged war in Ukraine. He said the government believes the country is gradually recovering, adding that Nigeria can already “see the light at the end of the tunnel” if current economic reforms continue.