Nigeria's state-owned oil company "NNPC" reported Thursday that it does not plan to raise gasoline prices after the local currency, the naira, depreciated for the second time in less than a year, according to Reuters.
Last July, President Bola Tinubu removed popular fuel subsidies and lifted restrictions on currency trading, resulting in petrol prices more than tripling. The reforms pushed inflation to a nearly three-decade high in December.
Tinubu canceled subsidies that kept gasoline prices low but cost the government nearly $10 billion.
Last week, The official naira exchange rate fell to 1,531 against the dollar from 900, below parallel market levels.