The 58% Price Gap Fueling Petrol Smuggling Across Nigeria’s Borders
The Nigerian National Petroleum Company Limited (NNPC) has reported a 58% price difference between petrol in Nigeria and neighboring countries, which has significantly fueled smuggling.
Subsidized petrol in Nigeria remains far cheaper, making smuggling a lucrative venture for traffickers.
This disparity not only undermines local supply but also costs Nigeria substantial revenue.
Efforts to curb this include increased border monitoring and regulatory measures.
However, economic challenges in neighboring countries and the profit margins involved make the smuggling issue persistently difficult to tackle.