Currently, the average price of petrol in Nigeria stands at approximately N701 per litre. In stark contrast, the average price in neighbouring countries has soared to N1,787 per litre. This disparity has led to a marked increase in petrol smuggling over the past two weeks.

Adewale Adeniyi, the Comptroller-General of the Nigeria Customs Service (NCS), highlighted this issue during the press conference. He emphasized the collaborative efforts between the NCS and the Office of the National Security Adviser to combat the growing menace.

"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," Adeniyi announced. "Through the recently launched Operation Whirlwind, under the auspices of the Office of the National Security Adviser, we aim to tackle this issue head-on."

Adeniyi further explained the context of this development, stating, "About a year ago, the Federal Government made the bold strategic decision to remove the fuel subsidy. This crucial step was aimed at freeing up substantial funds that could be redirected to other productive sectors of the economy, reducing pressure on our foreign exchange reserves, and diversifying economic growth."

He acknowledged that the immediate impact of this decision was an upward adjustment in fuel prices to reflect current realities. Despite the inflationary pressures and financial strain on households, especially those with lower incomes, Adeniyi noted that comparative studies still show that fuel prices in Nigeria remain the cheapest compared to other countries in the West and Central African region.