Nigeria’s Bonny Light crude dropped from $75 to $72 per barrel, falling 8.2 percent shy of the 2024 budget benchmark of $77.96 per barrel. This is the most recent price increase.
As the nation continues to adjust to the deregulation strategy put in place by the Federal Government, this change in the price of oil has led to additional rises in the price of gasoline at the pump.
In reaction, gas stations all throughout Lagos quickly raised their prices, and drivers flocked to them before the higher pricing were put into effect.
While small businesses like Ardova Plc kept selling at the former price of N1,125 per litre, many large marketers in Abuja temporarily halted operations to update their metres.
As Nigerians continue to experience economic strain, the constant increase in fuel prices has heightened worries about growing living expenses.
“This is the third adjustment to be made in September and October 2024, based on deregulation,” an industry source told Vanguard in an anonymous interview.
The policy makes it possible to modify prices in response to supply and demand. Another explanation could be the naira’s weakness, which is now around ₦1,664/$.
