The cost of fuel pump increased from N87 per litre as of December 2015 to N165.77 by December 2021, showing an increase of 90.54 per cent.

This is according to the Fuel Pump Price Per Litre – Average (PMS) data from the Central Bank of Nigeria.

The Nigerian National Petroleum Corporation became the sole importer of petrol in Nigeria in 2016 after the Federal Government introduced the price modulation mechanism, which saw the pump price of the commodity rise.

A few months after the hike in May 2016, the value of crude oil in the international market soared, while the value of Nigeria’s currency, the naira, slid to almost N500/dollar, from about N197 to the dollar.

Source: Punch

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