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BREAKING NEWS: Traders buy cheap petrol in Nigeria to sell for N1,700/litre in other markets

The increase in petrol pump prices in neighbouring countries has prompted the Federal Government to become concerned about the resumption of product smuggling...ĊONTINUE.THE FULL R£ĄÐING.

While the average cost of petrol in Nigeria is approximately N701/litre, it is N1,787/litre in neighbouring countries.

This difference in pricing has led to an increase in PMS smuggling out of Nigeria over the last two weeks.

Adewale Adeniyi, the Comptroller-General of the Nigeria Customs Service, revealed this information at a press conference in Yola.

He stated that to combat the threat, the NCS and the Office of the National Security Adviser have to work together. He recalled that the federal government made the audacious strategic choice to stop providing fuel subsidies around a year ago.

This important action, according to Adeniyi, was intended to relieve pressure on Nigeria foreign exchange reserves, diversify economic growth, and free up significant money that might be transferred to other productive areas of the economy.

Fuel prices were immediately adjusted increased to reflect the current situation.

Comparative studies, however, indicate that, despite the financial hardship and inflationary pressures on households, Nigeria continues to have the lowest fuel prices in the West and Central African areas.

Speaking further, Adeniyi said, “While PMS is sold at an average of N701.99 in Nigeria, it is sold at an average of N1,672.05 in the Republic of Benin and N2,061.55 in Cameroon. In other countries around the region, PMS prices range from N1,427.68 in Liberia to N2,128.20 in Mali, averaging N1,787.57, according to the fuel price data obtained from opensource.”..ĊONTINUE.THE FULL R£ĄÐING.>’.

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