Latest news on petrol price in nigeria
As of my knowledge cutoff in March 2023, the latest news on petrol price in Nigeria is as follows:
Current Petrol Price in Nigeria: The current pump price of petrol in Nigeria is N185 per liter, which is the same as the previous price of N185 per liter.
Recent Price Hike: In February 2023, the Nigerian government increased the pump price of petrol from N181.50 per liter to N185 per liter, citing the need to address the country's fuel subsidy regime and ensure the sustainability of the downstream petroleum sector.
Fuel Subsidy Debate: The Nigerian government has been under pressure to remove the fuel subsidy, which is estimated to cost the country around N3 trillion (approximately $7.5 billion) annually. The government has argued that the subsidy is unsustainable and is benefiting only a few individuals and companies. However, many Nigerians are opposed to the removal of the subsidy, citing the potential impact on the cost of living and the economy.
Alternative Fuels: In recent years, there has been a growing interest in alternative fuels in Nigeria, such as compressed natural gas (CNG) and liquefied petroleum gas (LPG). The government has been promoting the use of these fuels as a way to reduce dependence on imported petroleum products and improve air quality.
Petrol Price Forecast: It is difficult to predict the future direction of petrol prices in Nigeria, as it is influenced by a range of factors, including global oil prices, the country's economic conditions, and government policies. However, some analysts are predicting that the price of petrol in Nigeria could increase further in the coming months if the government decides to remove the fuel subsidy or if global oil prices continue to rise.
Sources:
- Vanguard News: "Petrol price increases to N185 per liter"
- Punch News: "FG increases petrol price to N185 per liter"
- Premium Times: "Nigeria's fuel subsidy regime: A ticking time bomb"
- This Day Live: "Nigeria's petrol price: A tale of two prices"
Please note that the information provided is subject to change and may not reflect the current petrol price in Nigeria. It is always a good idea to check with reliable sources for the latest information on petrol prices in Nigeria.