In a development that may spell trouble for Nigerian consumers, the Major Energies Marketers Association of Nigeria (MEMAN) has revealed that the landing cost of petrol has skyrocketed to N1,117 per litre. This figure is significantly higher than the current pump price of petrol in Nigeria, which ranges between N617 and N700 per litre.
The marketers also disclosed that the landing cost of diesel has reached N1,157 per litre, while aviation fuel stands at N1,127 per litre. The announcement has sparked fears of an imminent price hike in the petroleum sector, which could have far-reaching implications for the economy.
The International Monetary Fund (IMF) had earlier warned the Nigerian government to remove implicit fuel and electricity subsidies, a move that President Bola Tinubu has pledged to implement since his inauguration on May 29, 2023.
Stay tuned for further updates