According to recent data, Nigeria is now selling petrol at the same price as other African countries, which benefitted from petrol smuggling from the country.
The Nigerian National Petroleum Company has confirmed petrol price adjustments in line with market realities, leading to a significant increase in pump price.
The Chief Executive Officer of NNPC, Mele Kyari, has said that the Dangote and Port Harcourt refineries will not force down the price of petrol across Nigeria.
About five Nigerian oil marketing firms have recorded considerable sales in profit as Nigeria removed petrol subsidies, with Seplat and Conoil leading the pack.
An oil marketer has revealed why the pump prices of petrol across Nigeria were hiked immediately after President Tinubu's speech at the inauguration ceremony.
Some Nigerians have hailed plans by President Bola Tinunbu to end petrol subsidy in the country, stating the move is for the interest of Nigeria's economy.