Nigerian fuel retailer Conoil said 2014 full-year pretax profit fell 66.5 percent to N1.53 billion  ($ 7.7 million).

Turnover fell 19.5 percent to N128.35 billion in the 12 months to December 30, year-on-year, the company said in a filing with the Nigerian Stock Exchange.

BusinessDay recently reported that subsidy payments due importers of refined petroleum products had hit N314 billion.

The companies have also been affected by higher financing costs.