NIGERIANS appear headed for another round of economic hardship. This follows the Dangote Refinery’s decision to abandon the naira in favour of the dollar when fixing its ex-depot fuel prices.
Nigeria’s foremost refiner had initially fixed the ex-depot price of petrol at $0.779 per litre, amid public demands for cheaper petroleum products following the easing of geopolitical tensions between the United States, Israel and Iran.
After widespread public outcry, the refinery reversed the decision to price petrol in dollars.
However, it simultaneously increased the pump price by N140 per litre. Petrol now sells for between N1,250 and N1,400 per litre, leaving consumers with little relief.
When the dollar-denominated pricing was first introduced in early July, diesel was listed at $1.087 per litre, kerosene at $0.942 per litre, while coastal deliveries of petrol were fixed at $1,044.62 per metric tonne.
