The World Bank has recommended that the price of petrol in Nigeria should be increased to N750 per litre, stating that the current price of N650 per litre does not reflect the true cost of production and may still involve fuel subsidy payments by the government.
During the Nigeria Development Update presentation in Abuja, the World Bank’s Lead Economist for Nigeria, Alex Sienaert, highlighted the need for a cost-reflective petrol price.
He emphasized that the current fuel prices in the country do not fully align with market conditions, suggesting a potential partial return of fuel subsidy.
Based on the official exchange rate, Sienaert mentioned that petrol should be priced at N750 per litre.
The World Bank’s recommendation aims to ensure a sustainable and market-driven fuel pricing system in Nigeria.
