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Nigerian petrol prices reach record high after subsidy removal

Petrol Nigeria Bola Tinubu Goodluck Jonathan Africa NNPC Oil

A fuel station in Lagos closed down in 2012 after fuel subsidies were temporarily removed [Akintunde Akinleye/Reuters]

Almost two months after Nigerian President Bola Tinubu scrapped a popular but costly fuel subsidy, petrol prices have risen to 617 naira ($0.78) per litre, the highest in the history of Africa’s largest oil producer.

Prices were updated nationwide on Tuesday from 557 naira ($0.70) per litre at fuel stations operated by the state-owned Nigerian National Petroleum Co (NNPC), according to a circular seen by the Reuters news agency.

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