Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Nigeria Says No Plans to Raise Petrol Prices after Naira Devaluation

Fri 09 Feb 2024 | 06:50 AM
Taarek Refaat

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.