As of November 26, 2024, Nigeria continues to face challenges with petrol prices and availability. The deregulation of the oil sector has increased competition among marketers, leading to a slight reduction in petrol prices in some areas. For instance, the Independent Petroleum Marketers Association of Nigeria (IPMAN) reports that prices have dropped by approximately ₦50 per litre in certain locations, with ongoing discussions to further stabilize costs. Current pump prices range between ₦1,150 and ₦1,200 per litre, depending on the region.
In a related development, the Dangote Refinery has started exporting refined products to neighboring countries, and its partnership with IPMAN is expected to provide 60 million litres of petrol weekly to the Nigerian market. This move aims to ease local fuel scarcity and reduce prices over time.
However, economic challenges persist, with citizens and labor unions expressing concerns over the high cost of energy and its impact on living conditions. Calls for policy revisions, such as reversing currency floating and reducing energy tariffs, have been made to alleviate economic pressures.
