Nigerian State Oil Company Rows Back Regulator’s Fuel-Price Hike
- Regulator had announced an almost 30% price increase Thursday
- Oil minister says government, unions still discussing pricing
Nigeria is allowing fuel prices to go up for the first time since they were changed in November.
Photographer: George Osodi/Bloomberg
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Nigeria’s state oil company ruled out higher gasoline prices this month, less than a day after the fuel regulator signaled the first increase since November.
The reversal means that government-owned Nigerian National Petroleum Corp., the nation’s sole importer of gasoline, will continue to bear the cost of subsidizing fuel in Africa’s biggest economy. It’s the second time in as many weeks that policy makers have sent out contradictory signals, after the central bank on March 4 set aside plans announced by one of its officials to bar foreigners from some debt auctions.