Nigeria: Temporary Fuel Price Reduction Ahead of Presidential Election

Ahead of the January 16 presidential election, the Nigerian government announced a temporary reduction in fuel prices for public transport operators, lasting 30 days. The measure applies to fuel sold by the state-owned NNPC Limited at cost price, without reinstating the subsidies abolished in 2023. The current fuel price is about 1,400 nairas per liter, significantly higher than the approximately 830 nairas before the price spike caused by Middle Eastern tensions.