LEGIT NG
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.
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
