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After Nigeria’s fuel subsidy was scrapped by President Bola Tinubu in May, the price more than doubled from 238.11 naira per litre to 545.83 naira per litre.
The subsidy, introduced in the 1970s, was expensive for the government. PWC estimates it cost $30-billion over 18 years.
It also created an incentive for smuggling petrol to neighbouring countries, where it was sold at higher prices. An estimated 58-million litres a day was smuggled out of the country in 2022.
Nigeria’s fuel price remains one of the lowest in Africa. In July it was 617 naira per litre ($0.78). South Africa’s fuel price on 24 July was $1.26 per litre, Ghana’s was $1.14 and Kenya’s was $1.38.
The subsidy, introduced in the 1970s, was expensive for the government. PWC estimates it cost $30-billion over 18 years.
It also created an incentive for smuggling petrol to neighbouring countries, where it was sold at higher prices. An estimated 58-million litres a day was smuggled out of the country in 2022.
Nigeria’s fuel price remains one of the lowest in Africa. In July it was 617 naira per litre ($0.78). South Africa’s fuel price on 24 July was $1.26 per litre, Ghana’s was $1.14 and Kenya’s was $1.38.