Market News

Nigeria to hike fuel prices to almost R24 litre from R10 - SABC

MAY 31, 2023

Nigeria’s state oil corporation NNPC is proposing hiking fuel prices to nearly R24 per litre from around R10, according to a circular it sent to fuel stations on Wednesday.

The circular came after panic buying caused prices to jump to about that level as Nigerians rushed to fill their tanks ahead of the expected end of a government subsidy that had been keeping prices low.

NNPC’s spokesperson declined to comment.

Nigeria’s new President Bola Tinubu said during his inauguration speech on Monday that the subsidy would be scrapped in addition to reforms to the country’s multiple exchange rates, triggering the rush to petrol stations.

On Tuesday, NNPC’s chief executive said the government could no longer afford to pay for the subsidy, giving rise to a perception that it was about to end, as opposed to ending in a few weeks’ or months’ time.


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