Since the abolition of government subsidies (in September) on imports, the price of petrol is partly indexed to the market price. A small revolution in Nigeria, the largest raw material producer on the African continent with very little refining capacity. Even if legislative measures remain and petrol remains cheap in the country, adaptation is still difficult for consumers and players in the sector.
as reported from Lagos, Liza Fabbian
The smallest variation in the oil price at the pump is carefully observed in Nigeria, in a particularly tense socio-economic climate.
On Friday 13 November, some petrol stations in Lagos did not open due to doubts about the price of petrol. An increase in the oil price at the end of the deposit had been announced. An increase of only a few cents in euros, but which has a consequence for distributors, forced to raise the price of the pump to 170 naira per liter (37 cents).
A price that is still very low compared to those charged in other countries in the region, but the subject is sensitive in Nigeria.
The opposition immediately condemned this increase and condemned “the government’s inability to ensure the maintenance of refineries and prevent the theft of crude oil”. The PDP party is even demanding a refund of subsidies to keep petrol prices below 100 naira, about 22 cents.
► also read: Nigeria’s oil theft is taking on enormous proportions
After a day of confusion and prosecution, the Nigerian Petroleum Corporation (NNPC) issued a statement on Friday night announcing a slightly lower price increase than expected.
The government agency specified that this marginal increase in oil prices was linked to the interplay between supply and demand.
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