Latest Price of Petrol (Per 1Litre) in Nigeria - 3 May 2024

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Petrol Price in Nigeria Today Latest Update (22nd April 2024)

As of today, 3rd May 2024, the Petrol Price in Nigeria remains the most conversational topic among the countries that many citizens, economists, and policymakers are talking about. The petrol pricing in Nigeria chapter has become the most controversial for years since the removal of the petrol subsidy by President Bola Ahmed Tinubu after he resumed as the new President of the Country.

Contents

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1 Current Petrol Price in Nigeria
2 Content and Analysis
3 Impact on the Economic and Citizens
- 3.1 Related

Current Petrol Price in Nigeria

As of today, the petrol price in Nigeria is sold at N950 per litre, according to the Petrol Products Pricing Regulatory Agency (PPPRA). The price is used across all 36 states including the Federal Capital Territory (FCT), Abuja.

Content and Analysis

Nigeria is Africa’s largest oil producer, which is struggling to stabilize its fuel prices due to various factors affecting the country, which include:

1. Petrol Subsidy Removal: The federal government’s decision to remove the petrol subsidies in the country in 2023 has led to significant price hiking, which sparks many controversial among the citizens.

2. Global Crude Oil Prices: Nigeria is among the countries importing refined petroleum products, making it vulnerable to international marketing fluctuations.

3. Exchange Rates: The rising of the US dollar against the Naira has contributed to higher import costs, which led to a significant increase in fuel prices.
4. Local Refining Capacity: Nigeria’s refineries operate below capacity, having a small number of refineries, the biggest reason the country relies on importation, causing them more expensive.

Impact on the Economic and Citizens

The petrol price high in the country has impacted the economy and the country’s citizens, including:

Inflation: Petrol prices in Nigeria affect the cost of transportation, leading to an increase in the prices of commodities and other goods and services that rely on transportation.

Unemployment: The petrol price high can also lead to losing jobs due to transportation and manufacturing costs.

Economic Hardship: High fuel prices can also lead to economic hardship, causing low-income areas with different areas, including households, commuters, and small businesses.

Looking Ahead

To address the high petrol price challenge in the country, the federal government and stakeholders must consider:

1. Diversify the Economy: Nigeria must reduce the reliance on oil imports and also promote the local refineries like Dangote Refineries, and PH Refineries, and also put more efforts on reviving the dead refineries and alternative energy sources.

2. Investment into Infrastructure: The federal government and stakeholders must work hard to upgrade the dead refineries, pipelines, and transportation networks to reduce costs and increase efficiency.

3. Fuel Subsidy Reform: The federal government must implement a target to support low-income households and essential industries.

4. Transparency and Accountability Enhancement: The federal government and stakeholders must ensure the price adjustment across the country is transparent, and justified to prevent price corruption.

5. Promoting Alternative Transportation: The country must ensure investment in public transportation systems, non-motorized transportation options, and pedestrian-friendly infrastructure to reduce reliance on petrol.

Conclusion

The petrol price in Nigeria has become the biggest issue affecting the citizens, which is influenced by local and global factors. As Nigeria’s economy is experiencing the energy landscape, it is advisable to focus on the solutions to the petrol prices affecting the citizens and the economy.