Nigeria's fuel price challenge: second increase in one month

Business • Oct 11, 2024, 9:30 AM

1 min de lecture

Fuel prices surged at gas stations throughout Nigeria on Wednesday, adding to the hardships faced by citizens enduring the most severe economic crisis in decades.

The state oil company has not provided any explanation for the sudden increase of approximately 15% to 20% observed nationwide.

This marks the second price hike in just over a month; in early September, the Nigerian National Petroleum Company (NNPC) admitted to significant debts owed to fuel suppliers while announcing a nearly 40% price increase to stabilize its finances.

The cost of fuel remains a highly sensitive issue in Nigeria, where millions of families and businesses rely on gasoline-powered generators due to electricity supply problems.

For many Nigerians, this latest increase further strains their budgets as President Bola Ahmed Tinubu's administration implements reforms aimed at revitalizing the economy of Africa's largest nation.

Yesterday

South Africa projects wider deficits and rising debt despite improved growth

Business • 6:32 AM

1 min

The Treasury forecasted a 5.0% deficit for the fiscal year ending March 2025, up from the 4.5% expected, with next year’s deficit now estimated at 4.3% of GDP.

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