CHART: Nigerian President Buhari's gasoline price fix isn't working, end of story

In March prices at the pump were at their highest level since the country’s National Bureau of Statistics began compiling such data in June 2014

PRESIDENT Muhammadu Buhari insists that removing a price cap on gasoline, which usually requires costly subsidies, would only hurt Nigerians. 

But they are already paying more since his government can’t police the system and most marketers, struggling to import refined fuel amid a shortage of dollars, are passing on higher costs to customers. 

While pump prices are meant to be 87 naira a litre (or $1.69 a gallon), they rose to 135.69 naira a litre in March, the highest level since the country’s National Bureau of Statistics began compiling such data in June 2014.

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