New Petrol Prices Across Nigeria
The Nigerian National Petroleum Company Limited (NNPCL) has announced an increase in petrol prices amid ongoing economic challenges. Fuel prices in Lagos have risen to N1,025 per liter, while Abuja residents now pay N1,060 per liter. This adjustment, confirmed at NNPCL stations, has placed additional pressure on citizens already coping with high living costs.
Since the end of fuel subsidies in May 2023 under President Bola Tinubu’s administration, petrol prices have surged from N145 to over N1,000 per liter, heightening financial strain nationwide.
Tinubu Meets Key Stakeholders to Discuss Local Currency Oil Sales
President Tinubu held a strategic meeting with Finance Minister Wale Edun, Dangote Group Chairman Aliko Dangote, and NNPC’s Group CEO Mele Kyari. This session, held at Aso Rock, focused on implementing a policy shift allowing crude oil sales in naira, aiming to stabilize fuel prices and strengthen the naira. The policy will initially be piloted at the Dangote Refinery, with hopes of reducing Nigeria’s reliance on dollar-based transactions.
Ghana Explores Petroleum Imports from Dangote Refinery to Lower Costs
Ghana’s National Petroleum Authority (NPA) announced it is exploring options to import petroleum products from Nigeria’s Dangote Refinery, aiming to cut reliance on costlier European imports. NPA Chairman Mustapha Abdul-Hamid indicated that sourcing from Dangote’s facility, which has a capacity of 650,000 barrels per day, could lower Ghana’s monthly import costs and reduce freight expenses. He also suggested that a unified African currency could further stabilize regional trade by reducing dependence on the dollar.
