- Nigeria has been listed among African countries with the lowest petrol prices
- The development comes despite reports by the Independent Petroleum Marketers Association of Nigeria hinting at a possible increase in the product price
- Nigeria is listed as number six on the list of countries with low petrol prices
Following the depreciation of the naira, petrol marketers have hinted at the possibility of a hike in petrol prices in the coming weeks.
Legit.ng reported that the naira crashed to N930 to a dollar on Thursday, August 10, 2023, prompting the marketers to mull an increase in the pump price of the product.
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Marketers hint at increase in petrol prices
The Independent Petroleum Marketers Association of Nigeria (IPMAN) said there will be changes in the pump price of fuel in the country.
Speaking to Legit.ng, the national president of IPMAN, Chinedu Okoronkwo, however, asked Nigerians not to panic.
However, in a recently released report about the cost of petrol in Africa, Nigeria has been listed among the countries with the lowest petrol prices.
Despite the deregulation of downstream petroleum by President Bola Tinubu in May 2023, the country ranks number six on the list.
Nigeria among African countries with low petrol prices
The report said some African countries are still enjoying low petrol prices.
With Nigeria’s current foreign exchange rate at N775 at the Investor and Exporters (I&E) window, Nigeria makes a list at $0.822 for a liter of petrol.
Reports by GlobalPetrolPrices list the countries with the lowest petrol prices.
- Libya: $0.031
- Algeria: $0.338
- Angola: $0.364
- Egypt: $0.372
- Tunisia: $0.817
- Nigeria: $0.22
- Liberia: $0.937
- Sudan: $0.992
- Gabon: $1.011
- Botswana: $1.073
“N1000 per Litre?” Marketers speak on fuel price increase, ask Nigerians not to panic
Legit.ng reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has hinted that there will be changes in the pump price of fuel in the country.
Speaking to Legit.ng, the national president of IPMAN, Chinedu Okoronkwo, however, asked Nigerians not to panic.
You will recall that President Bola Tinubu, in his inaugural speech, announced that fuel subsidy is gone, opening the doors for market forces to determine pump prices.
Source: Legit.ng
