The latest increase signals a 570 percent increase in petrol prices since President Tinubu’s “subsidy is gone” proclamation on May 29, 2023, when the petrol price was N185 per litre and a dollar was N460. The irony of the fuel subsidy removal and price hikes, coming with the commencement of local petrol refining by Dangote Refining and Petrochemical Company, is not lost on Nigerians. Indeed, the expectations of lower petrol prices, especially with the crude-for-naira sales arrangement for local refiners have quickly evaporated. This means that rising domestic fuel prices negate any global price relief. The implications of petrol price hikes in Nigeria are universal.

Source: Punch November 04, 2024 09:01 UTC