The full deregulation of the petrol sector has seen Nigerians buy the product at unprecedented high prices with the prices also varying across cities and across filling stations.
The increased price of petrol has been blamed as the major reason for the cost-of-living crisis in the country.
Apart from the increased prices, the total deregulation also means that prices vary across cities and even based on the ownership of filling stations.
Prior to the commencement of the Petroleum Industry Act and its implementation, the Nigerian government heavily subsidised petrol and, through its Petroleum Equalisation Fund, tried to ensure that the prices did not vary across states
However, the partial deregulation under the last administration of President Muhammadu Buhari removed the equalisation fund while the total deregulation by the President Bola Tinubu administration led to the highest prices Nigerians have ever paid for the product.
Prices are at their all-time high, less…