Nigeria raised the price cap for gasoline 67 percent as President Muhammadu Buhari’s administration moved to tackle months of fuel shortages in the OPEC-member country. Gasoline will now sell for not more than 145 naira ($0.73) per liter in the country of about 180 million from the previous limit of 87 naira per liter, Petroleum Resources Minister of State Emmanuel Kachikwu said Wednesday in an e-mailed statement. Any Nigerian “entity” is now free to import fuel and sell subject to meeting regulatory requirements, according to the statement. “We expect that this new policy will lead to improved supply and competition and eventually drive down pump prices,” Kachikwu said in the statement. Nigeria, a major crude exporter, relies on fuel imports to meet more than 70 percent of its domestic needs with four state-owned, ill-maintained refineries working at a fraction of their combined 445,000 barrels per day capacity. Higher fuel […]