Petrol Hits Highest Ever Price Level In Nigeria
LAGOS JULY 18TH (NEWSRANGERS)-Petrol prices in Nigeria hit their highest level ever on Tuesday (July 18).
That’s just weeks after President Bola Tinubu scrapped a fuel subsidy in a country where millions of households and businesses rely on petrol for power due to a patchy national grid.
According to a circular seen by Reuters, prices were updated nationwide at fuel stations operated by state-owned NNPC.
That saw a rise from 557 naira per liter to 617 naira, or just over $0.78.
NNPC did not immediately respond to calls seeking comment.
The head of the Major Oil Marketers Association of Nigeria – which groups the country’s six largest fuel retailers – said the cause was rising global oil prices and the naira’s exchange rate to the dollar.
Clement Isong added that “there has to be cost recovery” for retailers.
Since the end of the subsidy – which cost the government $10 billion last year – 56 private firms have been licensed to import petrol, ending NNPC’s monopoly.
Though it is Africa’s largest oil producer, Nigeria imports almost all its refined fuel due to inadequate refining capacity and the neglect of existing refineries.
Reuters
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Posted by News Rangers
on Jul 18 2023. Filed under National.
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