The price of Premium Motor Spirit (PMS), commonly known as petrol, remains the lowest in West Africa despite the exchange rate at N1,555 per dollar, indicating a reduction, not removal, of the subsidy, as claimed by the federal government. Data from Global Petrol Prices reveals that petrol in Nigeria costs $0.39 per litre, translating to N599 with the current exchange rate. This price difference compared to Liberia is N971.5, raising concerns about potential smuggling across Nigerian borders. Analysts suggest a lack of transparency in the sector may lead to smuggling, theft, and pipeline vandalism.
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