The Nigerian government has expressed serious concerns about the increasing smuggling of Premium Motor Spirit (PMS), commonly known as petrol, across West African borders.
This issue has been exacerbated by the significant rise in pump prices of the commodity in neighboring countries.
While the average price of petrol in Nigeria is approximately N701 per litre, the average cost in neighboring countries has soared to N1,787 per litre. This price disparity has led to a surge in petrol smuggling out of Nigeria over the past two weeks.
The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, highlighted this issue during a press conference in Yola. He noted that the NCS has partnered with the Office of the National Security Adviser to combat the problem.
“Today, we are here to update 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,”
He recalled that about a year ago, the Federal Government made a bold decision to remove the fuel subsidy. This move was intended to free up substantial funds for other productive sectors, reduce pressure on foreign exchange reserves, and promote economic diversification.
Adeniyi added: “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,”
The government’s commitment to tackling fuel smuggling is seen as crucial to maintaining the integrity of the domestic fuel market and ensuring that the benefits of subsidy removal are fully realized.
