February 27, 2024

Nigeria’s Downstream Petroleum Industry in Confusion Over Proposed Petrol Price Increase Above N500 per Litre

 

The downstream sector of Nigeria’s petroleum industry has been thrown into confusion as a document puts the retail price of petrol at over N500 per litre. The proposed increase in petrol price will have a negative impact on Nigerians, who are already grappling with the effects of inflation and a struggling economy.

Nigeria's Downstream Petroleum Industry in Confusion Over Proposed Petrol Price Increase Above N500 per Litre
Nigeria’s Downstream Petroleum Industry in Confusion Over Proposed Petrol Price Increase Above N500 per Litre

The increase is particularly concerning as petrol is a crucial commodity in Nigeria, where most people rely on it to power generators due to the country’s poor power supply.

 

There has been no information yet from the Chief Executive of Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Mr. Farouk Ahmed, whose agency regulates sector activities. The lack of information and clarity around the proposed increase has only added to the confusion and anxiety among Nigerians.

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