Nigeria has experienced volatility in its fuel prices following the removal of the petrol subsidy in 2023......Read The Full Article>>.....Read The Full Article>>
Petrol prices increased from N198 per litre in May 2023 to over N1,150 in October this year as the Nigerian National Petroleum Company Limited (NNPC) adjusted prices.
Nigerians experience volatile petrol prices
The state oil firm adjusted prices three times in two months, reflecting the volatility.
Analysts have said the increase in petrol prices led to high inflation in Nigeria as motorists paid more to purchase petrol and passed the cost on to commuters.
However, following the Dangote Refinery’s coming on-stream, petrol prices began to decline as marketers reached a deal with the plant to purchase the commodity at a reduced rate.
Growing competition became tougher when the state-owned Port Harcourt Refinery began producing PMS, leading to more price adjustments.
Refineries slash petrol prices
Dangote Refinery, which sold petrol to marketers at N997, reduced its price to N979, showing the intense competition in the downstream sector.
Also, the NNPC crashed petrol prices, with major marketers crashing them from N1,200 per litre to N1,025, a drastic decline from the high of N1,200.
Meanwhile, data shows that while Nigerians enjoy declining fuel prices, other African countries battled the high cost of fuel selling for as high as N1,700 per litre in some African countries.
African countries experience high petrol costs
Available data shows 10 African countries with the most expensive petrol prices as of December 9, 2024/
As reported in November of this year, the average fuel price in Africa is about $1.24 per litre.
Reports say fuel prices in December for the Central Africa Republic, Senegal, Zimbabwe, and Ivory Coast declined from last month.
However, fuel prices in Malawi, Mauritius, and Guinea rose marginally. Prices in Kenya and Sierra Leone stayed the same, in line with global oil prices.
- Central Africa Republic: $1.765
- Senegal: $1.589
- Zimbabwe: $1.480
- Malawi: $1.459
- Mauritius: $1.432
- Ivory Coast: $1.404
- Guinea: $1.391
- Sierra Leone: $1.387
- Kenya: $1.385
- Burundi: $1.381
Fuel prices crash by over N100 in Nigeria
Legit earlier reported that fuel prices crashed significantly in the last three weeks following robust competition in the market.
Checks reveal that major marketers and other filling stations reduced prices as independent marketers said its members hoped to begin lifting petrol from the Port Harcourt refinery.
Dangote Refinery and PETROAN members also continued discussions to begin direct petrol purchases.
