Market to Set Fuel Prices as Pump Rates Soar to ₦1,500 per Litre
The government has ruled out bringing back fuel subsidies or imposing price caps. Instead, Dangote Refinery, independent marketers and global crude oil rates will determine pump prices. Dangote has raised its ex-depot price to ₦1,350 per litre, up from ₦1,275 a week ago. Most filling stations now charge between ₦1,100 and ₦1,400, with some border areas nearing ₦1,700 per litre. Ministers say market forces will regulate prices and prevent distortions. But with global tensions driving Brent crude from $105 to $118 per barrel, Nigerians are already feeling the pinch as taxi fares rise and living costs climb.
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