The High Cost of Fuel in Nigeria: What You Need to Know

Source: ICRC Nigeria 

Current Fuel Price in Nigeria Today, 22nd July 2023

The price of fuel in Nigeria has been on the rise in recent months, and today is no different. As of 22nd July 2023, the price of petrol is between N568 and N617 per litre in different parts of the country.

In Lagos, the price of petrol is currently N620 per litre at most filling stations. This is an increase of over N200 from the price just a few weeks ago. In Abuja, the price of petrol is even higher, at N657 per litre. This is the highest price of petrol in Nigeria since the government removed fuel subsidies in May 2023.

The price of petrol is also high in other parts of the country. In Port Harcourt, the price is N619 per litre, while in Kano, it is N620 per litre. The price of petrol is expected to continue to rise in the coming weeks, as the government has said that it will not be providing any subsidies to the oil sector.

The rising price of fuel is having a significant impact on Nigerians. Many people are struggling to afford the cost of transportation, and this is leading to an increase in the cost of goods and services. The government has said that it is aware of the impact of the rising fuel prices, and it is working to find ways to cushion the blow for Nigerians.

However, until the government is able to find a solution to the rising fuel prices, Nigerians are likely to continue to suffer. The high price of fuel is a major burden on the economy, and it is making it difficult for people to make ends meet.

Here is a table of the current fuel prices in different parts of Nigeria:

City	Price per litre
Lagos	N617
Abuja	N657
Port Harcourt	N620
Kano	N619
Other cities	N600-N700

Here are some of the factors that are driving the rise in fuel prices:

• The devaluation of the naira against the US dollar.
• The increase in the price of crude oil on the global market.
• The removal of fuel subsidies by the government.

The rising fuel prices are having a significant impact on Nigerians:

• People are struggling to afford the cost of transportation.
• The cost of goods and services is increasing.
• The economy is being affected.

The government is working to find ways to cushion the blow for Nigerians:

• It is providing subsidies to some sectors of the economy.
• It is working to increase the supply of fuel.
• It is trying to negotiate a lower price for crude oil on the global market.

However, until the government is able to find a long-term solution to the rising fuel prices, Nigerians are likely to continue to suffer.

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