Nigerians may soon be faced with a difficult choice: paying up to ₦1,000 per liter for petrol or transitioning to compressed natural gas (CNG) at a significantly cheaper rate of ₦200 per liter equivalent.
Nigeria is at a crossroads in its energy sector. Recent headlines suggest that Nigerians may soon be faced with a difficult choice: paying up to ₦1,000 per liter for petrol or transitioning to compressed natural gas (CNG) at a significantly cheaper rate of ₦200 per liter equivalent. This marks a potential turning point in the country’s fuel consumption, and the question on everyone’s mind is, what does this me an for the average Nigerian? The Price Hike: What’s Behind It? The possible rise in petrol prices comes in the wake of the government's removal of fuel subsidies earlier this year. With global oil prices fluctuating and the Nigerian Naira struggling against the dollar, the cost of importing refined petrol has skyrocketed. As a result, filling your tank may soon come with a hefty price tag.While fuel subsidies previously kept the cost of petrol relatively low, they were also draining government resources. Now that these subsidies are gone, the true cost of f...