Nigeria Govt Denies That Oil Marketers Can Fix Petrol Prices

The government and the Petroleum Products Pricing Regulatory Agency have confirmed that marketers have not been given the authority to fix prices of petrol as they see fit. This follows media reports stating that the government is allowing market forces to determine the pump price of petrol. There has been a sharp decline in the global price of crude oil as a result of the coronavirus pandemic, with Nigeria - for the first time since 2016 - reducing the retail price of petrol to U.S.$0.32 per litre.





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