Fuel price in nigeria news

Here are some recent news articles and updates on fuel prices in Nigeria:

Latest Fuel Price in Nigeria:

As of March 2023, the official pump price of petrol in Nigeria is N185 per liter, according to the Petroleum Products Pricing Regulatory Agency (PPPRA).

Recent Fuel Price Hike:

In February 2023, the Nigerian government increased the pump price of petrol by N20 per liter, from N165 to N185, citing the need to reflect the current market realities and ensure the sustainability of the downstream petroleum sector.

Fuel Subsidy Removal:

In 2022, the Nigerian government removed the fuel subsidy, which had been in place since 2016. The removal of the subsidy led to a significant increase in fuel prices, with the pump price of petrol rising from N162 to N165 per liter.

Fuel Price Hike in 2022:

In 2022, the pump price of petrol in Nigeria increased by 50% due to a combination of factors, including the removal of the fuel subsidy, the rise in global oil prices, and the devaluation of the naira.

Fuel Price in Major Cities:

Here are the current fuel prices in some major cities in Nigeria:

Fuel Price Protests:

There have been several protests and demonstrations in Nigeria over the recent fuel price hikes, with many Nigerians calling for the government to reduce the pump price of petrol.

Government Response:

The Nigerian government has responded to the fuel price protests by promising to take steps to reduce the pump price of petrol and improve the overall fuel supply situation in the country.

Fuel Price Forecast:

The fuel price in Nigeria is expected to remain volatile in the short term, with the pump price potentially rising further due to the ongoing global oil price volatility and the country's reliance on imported petroleum products.

I hope this information is helpful!