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Nigeria hikes freight rate on imported fuel as oil prices soar

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Nigeria has doubled its freight rate on subsidised imported petrol in a bid to help ease distribution challenge as global oil prices rise, the country's regulator said on Tuesday.

Farouk Ahmed, CEO of Nigerian Midstream and Downstream Petroleum Regulatory Authority, said the freight rate had been increased to 20.46 naira per litre of gasoline from 10.46 naira.

President Muhammadu Buhari, who approved the new rate on Thursday, did not say how it will be funded, given Nigeria's already stretched finances and costly subsidy on petrol. With national elections due in February 2023, the government suspended the subsidy removal and added $9.6 billion to planned spending to cover it, a cost that has risen as oil prices surge.

 

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