Marketers Adjust Pumps As Fuel Price Hits N617/Litre
Written by Teniola Akerele on July 18, 2023
The pump price of Premium Motor Spirit, popularly called petrol, was raised from N537/litre to N617/litre at some filling stations operated by the Nigerian National Petroleum Company Limited in Abuja on Tuesday.
Since the withdrawal of subsidy on petrol and the floating of the naira against the dollar, marketers had continued to explain that the cost of PMS could rise to as high as N700/litre.
Similarly, the rise in the cost of crude oil in the international market has also triggered further hike in petrol price, as crude is the product from which PMS and other refined petroleum products are produced from.
Others immediately commenced the adjustment of their pumps to reflect the new price. The NNPCL and the downstream oil sector regulator had yet to make any statement on the development.