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On 1 January 2012, the Nigerian government headed by president Goodluck Ebele Jonathan, tried to cease the subsidy on petrol and deregulate the oil prices by announcing the new price for petrol as US$0.88/litre from the old subsidised price of US$0.406/litre (LAGOS), which in areas distant from Lagos petrol was priced at US$1.25/litre.
The price of petrol has increased from 65 naira ($0.40; £0.26) per litre to at least 141 naira in filling stations [6] and from 100 naira to at least 200 naira on the black market, from which many Nigerians buy their fuel.
The NNPC had been buying petrol from Dangote Refiner at ₦898.78 per litre and selling to marketers at ₦765.99 per litre, shouldering a subsidy of almost ₦133 per litre. Following the NNPC's withdrawal as the sole off-taker, subsidies ceased to exist in Nigeria as marketers had to buy directly from Dangote and sell at cost price, adding ...
The RAC said the average price of a litre of petrol increased by 3.2p from 140.0p on January 29 to 143.3p on Monday. Diesel prices have also surged by 4.0p per litre over the same period, from 148 ...
The average cost of a litre of petrol at UK forecourts was 152.20p on Wednesday as the cost of oil continues to rise due to the war in Ukraine. Average petrol price exceeds £1.52 per litre for ...
Fuel prices have risen as oil prices soar due to Russia’s invasion of Ukraine. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 more ways to ...
The average cost of a litre of diesel is also at a record high, reaching £1.55. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us. Sign in. Mail ...
Its reserves make Nigeria the tenth most petroleum-rich nation and by far, the most affluent in Africa. In mid-2001, its crude oil production was averaging around 2,200,000 barrels (350,000 m 3) per day. [13] It is expected that the industry will continue to be profitable based on an average benchmark oil price of $85-$90 per barrel. [14]