A recent report from the World Bank suggests that the cost of petrol in Nigeria should be set at N750 per litre, a significant increase from the current N650 per litre.
By Lot Sunday
The bank’s Lead Economist for Nigeria, Alex Sienaert, emphasized during the presentation of the Nigeria Development Update that this adjustment is crucial for achieving cost-reflective pricing and ensuring economic sustainability.
Sienaert hinted at the possible return of fuel subsidies by the Federal Government due to the current pricing not aligning with market conditions. The World Bank recommends additional measures to secure the benefits of bold reforms undertaken by the government.
