Nigeria Fuel-Price Hike, Weaker Naira Dash Case for Rate Pause
- Local currency falls to lowest since Aug. 2 on dollar shortage
- Transport costs double due to fuel hike, stoking inflation
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A 45% hike in the pump price of gasoline and a continued downward pressure on the naira dampened hopes that the Central Bank of Nigeria will press pause on an interest-rate increase at a meeting this month.
State-owned Nigerian National Petroleum Co. raised gasoline prices to 897 naira ($0.56) a liter on Tuesday, according to price display boards in three different NNPC-operated retail stations in Abuja, the nation’s capital.