Nigeria is allowing fuel prices to go up for the first time since they were changed in November. 

Photographer: George Osodi/Bloomberg

Nigeria increased gasoline pump prices by 29%, according to a new template published late Thursday on the Petroleum Products Pricing Regulatory Agencys website

The PPPRA set a new pricing band of 209.61 naira a liter to 212.61 naira. This is higher than than the 165 naira a liter gasoline is currently sold across Africas largest economy. The new pricing is based on an exchange rate of 403.80 naira to the dollar, higher than the official rate of 379 naira to the dollar on the website of the Central Bank of Nigeria but lower than the average of 410 naira to the dollar that investors and exporters use for transactions.

Nigeria is allowing fuel prices to go up for the first time since they were changed in November. Labor unions have warned against price hikes after a rebound in oil prices, which has forced the government to keep them unchanged since December.

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