Nigeria's economy is under strain as fuel prices reach an all-time high

The highest-ever price for gasoline in Nigeria was 617 Naira ($0.7802) a liter on Tuesday, as fuel costs rose for the second consecutive month after President Tinubu eliminated a popular but costly fuel subsidy in May.The exact cause could not be ascertained, although it could be linked to recent projections by oil marketers that gasoline prices could soon surpass N700 per liter. According to a circular acquired by the American news agency Reuters, prices were raised nationwide from 557 Naira per liter at state-owned Nigerian National Petroleum Co. Ltd. (NNPC) gasoline stores. The Major Oil Marketers Association of Nigeria's (MOMAN) chairman, Clement Isong, said that the rise in pricing was brought on by both growing global oil prices and the naira's value relative to the dollar, adding that "there has to be cost recovery" for merchants