The Nigerien government announced on Wednesday evening that fuel prices at the pump will be significantly reduced starting July 23, 2024. This is part of the National Council for the Safeguarding of the Fatherland’s (CNSP) efforts to boost citizens’ purchasing power.
According to the General Secretariat of the Government, from July 23, 2024, at midnight, hydrocarbon prices across the country will be set at 499 CFA francs per litre for Super 91 and 618 CFA francs per litre for Diesel. This price cut aims to make hydrocarbons more affordable, positively impacting the national economy.
Lower transport costs should also reduce the prices of essential food items, improving the purchasing power of Nigeriens.
The government urged economic operators to reflect this price reduction in their products and services, as agreed.
The relevant State services are instructed to prevent and suppress any attempt at fraud against this measure, the Nigerien authorities warned.
The announcement came two weeks after the Namibian government announced that it would reduce the price of fuel by 80 Namibian cents per litre (around 0.044 USD) starting July 3.
West Africa Weekly reported that petrol prices have reached a record high in Nigeria since President Bola Tinubu removed subsidies on May 29, 2023.
The National Bureau of Statistics (NBS) reported that in May 2024, the average retail price of petrol was ₦769.62 per litre, with Jigawa State having the highest price at ₦937.50 per litre. This is a 223.21% increase from May 2023 (₦238.11) and a 9.75% increase from April 2024 (₦701.24).
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