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Story summary
- Gasoline prices in Nigeria surged nearly 40% due to global oil shocks, now ?1,191.39 per litre.
- Nigeria remains among the lowest petrol price markets globally, aided by the Dangote Refinery stabilizing prices.
- Since subsidy removal in 2023, Nigeria operates a fully deregulated fuel market linking local prices to global crude.
- Analysts say that without the Dangote Refinery, Nigeria would face greater exposure to supply shocks and higher prices.
