FG to negotiate ₦1,350 petrol price ceiling as global oil shock drives pump prices
While Nigeria could benefit from higher crude prices through increased government revenue, fluctuations in petrol, diesel and aviation fuel prices have increased costs for households and businesses, adding to the cost-of-living pressures that followed the removal of petrol subsidy in 2023.
Mr Oyedele said the proposed ceiling would prevent petrol prices from immediately reflecting every movement in global crude oil prices and the exchange rate.
READ ALSO: Nigeria has reduced reliance on oil revenue – Tinubu Other measures Mr Oyedele said the proposed price ceiling was one of several measures being considered by the government to moderate the impact of rising fuel prices without returning to a blanket subsidy.
This is a summary of the original articles listed below. Always read the source articles for the full context. GhanaSummary does not create or modify the news — we summarise and link to original publishers.