Nigerian state oil firm spent $5.8 billion on fuel imports since late 2017Staff Writer | February 21, 2018
Nigeria's state oil firm said it had spent $5.8 billion on fuel imports since late 2017, as it combats a fuel shortage that has left people queuing for hours at filling stations and hobbled an already-struggling economy.
Africa The price of gasoline is a highly charged subject in Nigeria
The price of gasoline is a highly charged subject in Nigeria, Africa's largest oil exporter. President Muhammadu Buhari in 2016 raised the top gasoline price to 145 naira ($0.4603) per litre, a 67 percent hike, but did not remove a cap for fear of hurting people on low incomes.
The price cap makes it tough for many importers to profit from gasoline and NNPC has imported as much as 90 percent of the nation's gasoline needs over the past year. Fuel shortages have gripped much of the country in the last few months. ■