Nigerian plan brings threat of petrol price rise

Nigeria, the world’s eighth-largest oil exporter, was on Wednesday braced for a possible 60 per cent increase in petrol prices after the authorities signalled their intention to press ahead with badly needed but deeply unpopular liberalisation.

A growing gap between fixed pump prices and soaring fuel import bills has threatened to bankrupt the country’s state-run energy company in spite of large windfalls from rising oil prices.