BUSINESSAgain, Dangote Refinery increases petrol price to N1,175
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Petrol prices in Nigeria have risen once
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Petrol prices in Nigeria have risen once
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Petrol prices in Nigeria have risen once again as Dangut refinery announced a new
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again as Dangut refinery announced a new
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again as Dangut refinery announced a new fell price of 1,175
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fell price of 1,175
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fell price of 1,175 naira per liter sparking fresh concerns
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naira per liter sparking fresh concerns
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naira per liter sparking fresh concerns among citizens and businesses across the
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among citizens and businesses across the
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among citizens and businesses across the country.
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country.
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country. The increase marks another adjustment by
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The increase marks another adjustment by
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The increase marks another adjustment by the refinery which has become a major
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the refinery which has become a major
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the refinery which has become a major supplier of refined petroleum products
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supplier of refined petroleum products
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supplier of refined petroleum products in Nigeria. The development is expected
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in Nigeria. The development is expected
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in Nigeria. The development is expected to affect transportation cost, small
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to affect transportation cost, small
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to affect transportation cost, small businesses, and household expenses as
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businesses, and household expenses as
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businesses, and household expenses as fuel prices continue to play a major
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fuel prices continue to play a major
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fuel prices continue to play a major role in the nation's economy.
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role in the nation's economy.
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role in the nation's economy. According
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According
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According to market analyst, the price adjustments
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to market analyst, the price adjustments
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to market analyst, the price adjustments may be influenced by several factors,
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may be influenced by several factors,
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may be influenced by several factors, including the rising cost of crude oil
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including the rising cost of crude oil
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including the rising cost of crude oil in the international markets, foreign
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in the international markets, foreign
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in the international markets, foreign exchange challenges, and operational
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exchange challenges, and operational
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exchange challenges, and operational costs associated with refining and
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costs associated with refining and
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costs associated with refining and distributing.
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distributing.
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distributing. The refinery owned by Africa's richest
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The refinery owned by Africa's richest
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The refinery owned by Africa's richest man, Aliko Dangote, was widely expected
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man, Aliko Dangote, was widely expected
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man, Aliko Dangote, was widely expected to help stabilize the country's f supply
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to help stabilize the country's f supply
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to help stabilize the country's f supply and potentially reduce the dependence on
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and potentially reduce the dependence on
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and potentially reduce the dependence on importing petroleum products. Since the
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importing petroleum products. Since the
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importing petroleum products. Since the refinery began supplying fuel to the
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refinery began supplying fuel to the
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refinery began supplying fuel to the local market, many Nigerians had hoped
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local market, many Nigerians had hoped
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local market, many Nigerians had hoped it would eventually lead to lower and
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it would eventually lead to lower and
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it would eventually lead to lower and more stable petrol prices. However,
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more stable petrol prices. However,
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more stable petrol prices. However, experts say the current pricing trend
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experts say the current pricing trend
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experts say the current pricing trend reflects the realities of Nigeria's
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reflects the realities of Nigeria's
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reflects the realities of Nigeria's deregulated market where petrol prices
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deregulated market where petrol prices
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deregulated market where petrol prices are determined largely by global oil
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are determined largely by global oil
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are determined largely by global oil prices,
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prices,
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prices, exchange rates, and distribution cost
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exchange rates, and distribution cost
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exchange rates, and distribution cost rather than fixed government subsidies.
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rather than fixed government subsidies.
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rather than fixed government subsidies. For millions of Nigerians who rely on
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For millions of Nigerians who rely on
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For millions of Nigerians who rely on petrol for transportation,
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petrol for transportation,
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petrol for transportation, power generation, and daily business
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power generation, and daily business
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power generation, and daily business operations, the new price increase could
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operations, the new price increase could
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operations, the new price increase could have a ripple effect on the cost of
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have a ripple effect on the cost of
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have a ripple effect on the cost of living.
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living.
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living. The transport operators in several
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The transport operators in several
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The transport operators in several cities have already warned that they may
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cities have already warned that they may
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cities have already warned that they may be forced to raise fairs of fuel prices.
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be forced to raise fairs of fuel prices.
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be forced to raise fairs of fuel prices. If oil prices continue to rise,
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If oil prices continue to rise,
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If oil prices continue to rise, economic experts say the government may
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economic experts say the government may
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economic experts say the government may need to introduce policies that support
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need to introduce policies that support
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need to introduce policies that support local refining,
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local refining,
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local refining, improve f distribution networks, and
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improve f distribution networks, and
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improve f distribution networks, and strengthen the nera in order to
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strengthen the nera in order to
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strengthen the nera in order to stabilize fuel prices in the long run.
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stabilize fuel prices in the long run.
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stabilize fuel prices in the long run. Meanwhile, citizens are urging
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Meanwhile, citizens are urging
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Meanwhile, citizens are urging authorities to closely monitor the
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authorities to closely monitor the
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authorities to closely monitor the situation and ensure that the benefits
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situation and ensure that the benefits
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situation and ensure that the benefits of local refining eventually translate
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of local refining eventually translate
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of local refining eventually translate into relief for ordinary Nigerians.
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into relief for ordinary Nigerians.
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into relief for ordinary Nigerians. As the debate continues over fuel
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As the debate continues over fuel
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As the debate continues over fuel pricing and economic reforms, many
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pricing and economic reforms, many
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pricing and economic reforms, many Nigerians are watching closely to see
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Nigerians are watching closely to see
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Nigerians are watching closely to see how the latest increase will affect the
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how the latest increase will affect the
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how the latest increase will affect the broader economy in the coming weeks.
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broader economy in the coming weeks.
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broader economy in the coming weeks. Reporting for you, I'm Susan Danielle.
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Reporting for you, I'm Susan Danielle.
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Reporting for you, I'm Susan Danielle. Stay connected to media Africa for more
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Stay connected to media Africa for more
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Stay connected to media Africa for more in-depth analysis.
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in-depth analysis.
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in-depth analysis. >> We must unite now. We must have one
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>> We must unite now. We must have one
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>> We must unite now. We must have one army. We must have one currency. We must
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army. We must have one currency. We must
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army. We must have one currency. We must have one foreign policy. We must be
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have one foreign policy. We must be
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have one foreign policy. We must be united.
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And I can hear the Osakia for saying I
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And I can hear the Osakia for saying I
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And I can hear the Osakia for saying I do not want to be the leader of that
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do not want to be the leader of that
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do not want to be the leader of that country. I simply want unity. And says
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country. I simply want unity. And says
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country. I simply want unity. And says that we must leave here with one united
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that we must leave here with one united
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that we must leave here with one united government. They listen not to the Osag.
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government. They listen not to the Osag.
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government. They listen not to the Osag. I can still hear
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I can still hear
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I can still hear those immortal words
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those immortal words
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those immortal words of
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