Nigeria Will Not Increase Fuel Prices

Nigeria Will Not Increase Fuel Prices

Nigeria’s national oil company said the government has no immediate plans to increase gasoline prices, days after fuel marketers and Nigerian National Petroleum Corporation’s (NNPC) management called for the removal of a cap on price levels, Reuters reported.

Chief of staff to the national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said: “We don’t want any cap because of the fluctuations of the dollar rate in the country.”

A removal of the price cap would mean that marketers would be free to sell petrol at their desired price, based on several factors such as the exchange rate and international crude price. However, the Nigerian government through the Petroleum Products Pricing Regulatory Agency (PPPRA), said that it will not accept the advice, according to All Africa.

Petroleum price changes are a sensitive issue in Nigeria, which has slipped into recession for the first time in more than two decades. Any increase would hit consumers hard, potentially knocking support for the government which is battling militants in the Delta region whose attacks have cut oil production by more than 700,000b/d.


Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password