Removal of fuel subsidies in Nigeria reduced petrol smuggling and aligned prices with market value.

Mele Kyari, CEO of the Nigerian National Petroleum Corporation Ltd. (NNPCL), stated that the removal of fuel subsidies has significantly reduced petrol smuggling, which previously allowed smugglers to profit up to ₦17 million per truckload. The subsidy created a price disparity with neighboring countries, incentivizing smuggling. With the subsidy eliminated, fuel prices now reflect market value, helping to curb smuggling and ensure fair pricing for consumers.

October 14, 2024
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