Edo State Governor Monday Okpebholo has defended Nigeria’s petrol prices by comparing them with the United Kingdom, where official figures show a litre of unleaded petrol was averaging about £1.72 — roughly ₦3,000 after currency conversion — in the week ending 21 September 2026.
The comparison supports the governor’s central claim that the nominal pump price is higher in Britain than in Nigeria. But it does not, by itself, establish that petrol is more affordable for Nigerians, because fuel taxes, household incomes, wages and purchasing power differ substantially between the two countries.
Okpebholo made the remarks while backing President Bola Tinubu’s economic reforms and arguing that Nigerians were paying considerably less for fuel than motorists in Britain.
“I was in London last week,” the governor said, explaining that he checked the cost of petrol while visiting the UK.
After converting the price into naira, he said it came to “about ₦3,000-something” per litre and argued that Nigeria was “doing very well” by comparison.
UK data broadly supports Okpebholo’s ₦3,000 figure
A NewDailyPrime review of the latest UK government data shows that the numerical comparison is broadly accurate.
The UK Department for Energy Security and Net Zero recorded the average price of unleaded petrol at 172.01 pence per litre, or £1.7201, for the week beginning 21 September.
The figure was up from 168.14p a week earlier and 161.61p at the end of August.
Using an exchange rate of about ₦1,758 to £1 on 24 September, £1.72 converts to roughly ₦3,020 per litre.
That means Okpebholo’s statement that UK petrol was equivalent to more than ₦3,000 per litre was broadly consistent with the prevailing exchange rate and official UK pump-price data.
However, currency conversion alone provides only part of the picture.
Nigerian motorists paying around ₦1,385–₦1,430
Recent pump-price reports put petrol at about ₦1,385 per litre at NNPC stations in Lagos and ₦1,430 in Abuja, although the amount varies by location and retailer.
The change followed Dangote Petroleum Refinery’s latest adjustment to its ex-gantry price.
On a simple currency-conversion basis, that means petrol in Lagos costs less than half the naira-equivalent UK average.
A 50-litre tank at ₦1,385 a litre would cost about ₦69,250 in Lagos.
At the UK average of £1.7201 per litre, the same 50 litres would cost approximately £86, or just over ₦151,000 when converted directly into naira.
But those numbers should not be interpreted as a direct measure of which country’s motorists find petrol more affordable.
Why UK and Nigerian prices cannot be compared by exchange rate alone
An important difference is taxation.
The UK petrol price includes substantial taxation. HM Revenue & Customs says fuel duty is 52.95p per litre, while petrol is also subject to 20% VAT.
That means a significant part of what a UK driver pays at the pump goes to taxation.
A straight conversion from pounds to naira also ignores differences in earnings and purchasing power.
Someone earning and spending in pounds does not normally convert every UK purchase into naira before deciding whether it is affordable. In the same way, a Nigerian household paying for transport, food, rent and fuel in naira experiences petrol prices in relation to Nigerian income.
For that reason, the fact that petrol costs the equivalent of more than ₦3,000 in Britain does not automatically mean Nigerian consumers are financially better off.
It establishes that the British pump price is higher after nominal currency conversion, but affordability requires a broader comparison.
Fuel prices remain a major pressure on Nigerian households
Okpebholo’s comments come as petrol prices remain an important cost-of-living issue in Nigeria.
NewDailyPrime recently reported that although headline inflation eased to 15.39% in August, rising petrol and diesel prices could continue to put pressure on household budgets, transport fares and business costs.
Public-sector unions have also called on the Federal Government to bring petrol down to ₦500 per litre, arguing that higher fuel costs have increased pressure on workers and households.
The Tinubu administration removed the long-standing petrol subsidy after taking office in May 2023 and has maintained that it will not restore the previous subsidy system. The government says market-based pricing is part of wider economic reforms intended to strengthen public finances and attract investment.
Okpebholo defended those reforms, describing the adjustment period as difficult but arguing that the economy would eventually stabilise.
That is the governor’s political assessment. The eventual effects of the reforms on household living standards, real incomes, inflation and economic growth remain matters to be measured against economic data.
Related news
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What readers should know
Okpebholo’s ₦3,000 UK petrol comparison is broadly supported by current price and exchange-rate data: Britain’s official average was about £1.72 per litre, which converted to slightly above ₦3,000. But the conclusion that Nigerians are therefore “enjoying” cheaper fuel is a political argument rather than something the pump-price comparison alone proves. UK fuel contains significant taxes, while differences in wages, income and purchasing power must also be considered when comparing affordability between the two countries.
