Nigeria's Opposition Candidate Pledges to Cut Gasoline Price
(Bloomberg) -- Nigeria’s opposition candidate Atiku Abubakar has pledged to cut gasoline prices if he defeats incumbent Muhammadu Buhari in the February presidential race.
With the current “subsidy regime,” gasoline retail prices in Africa’s largest crude producer can be as low as 87 naira ($0.24) per liter, the opposition People’s Democratic Party said in an emailed statement on Thursday. That compares with the government’s cap of 145 naira for the same measure, and is well below what it costs to produce and transport the product. Lagos-based investment bank Chapel Hill Denham estimates that Nigeria’s gasoline price would be around 213 naira a liter if left to market forces.
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