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Nigeria’s petrol import costs surged over 15% due to geopolitical tensions in the Middle EastDespite rising costs, Nigeria maintains the lowest petrol prices in West AfricaShort-term spikes in fuel prices contrast with a decline in the 30-day average import price
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The cost of importing petrol into Nigeria has surged by more than 15 per cent within two weeks, raising fresh concerns over the possibility of higher fuel prices across the country.
The latest industry bulletin released by the Major Energies Marketers Association of Nigeria (MEMAN) shows that the increase was driven by renewed geopolitical tensions in the Middle East, particularly around the Strait of Hormuz, one of the world’s most important oil shipping routes.
Nigeria maintains the lowest petrol prices across West Africa despite an increase in landing cost. Credit: NurPhoto/ConntributorSource: Getty Images
The report also
