The new landing cost of petrol is now estimated at N1,000 per litre as a result of worsening foreign exchange. This occurred after the naira crossed over N1,500 to the dollar on Monday in both the official and unofficial marketAnalysts said that the government only reduced subsidy but is yet to eliminate it to ease the affairs of Nigerians….CONTINUE READING
As Nigeria’s foreign exchange crisis worsened, the landing cost of imported petrol exceeded N1,000 per litre. Analysts believe the government is still quietly subsidising petrol to ease the hardship already faced.
Findings by BusinessDay indicated that the landing cost of gasoline—which includes the product’s foreign pricing, transportation, insurance, and other charges—rose to N1,009/litre in October 2023 from N720/litre at the black-market rate of N1,500 per dollar.
According to data from the FMDQ, the naira lost 4.19% of its value after trading on Monday, February 12. One dollar was quoted at N1,534.39, compared to N1,469.97 on Friday at the Nigerian Autonomous Foreign Exchange Market.
Government still financing petrol subsidy. Analysts believe the government is still quietly subsidising petrol to ease the hardship already faced.
