Nigeria’s Oil Retail Market Faces Disruption Following Fuel Subsidy Removal

President Bola Tinubu’s decision to end petrol subsidies in Nigeria has caused a significant increase in petrol prices, reaching approximately N600 per litre.

Transport fares have doubled, leading to long queues at filling stations. Regulatory agencies and associations have responded differently, with some supporting the subsidy removal, while others call for wider consultation and refinery operations before the removal.

The conflicting messages and uncertainty are expected to exploit Nigerians, worsen inflation, and discourage investments. Downstream regulators need to intervene and provide a pricing template as outlined in the Petroleum Industry Act to ensure system stability.

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