Fuel price increases to N617 per litre

The cost of petrol has jumped to N617 per litre in the capital.

Tuesday morning's visit to a NNPC filling station in Abuja's Central neighbourhood revealed that the cost of petrol had increased from N539 to N617 per litre.

According to Daily Trust, he purchased at the revised price.

“It is true, I just bought at N617 per litre,” he said.

Subsidy: I know Nigerians are suffering but relief is on the way – Tinubu

Although the immediate cause could not be determined, it may be related to recent predictions by oil marketers that the price of petrol will soon reach N700 per litre.

Once independent marketers begin importing the products in July, some oil marketers anticipated that fuel prices could rise above N700 per litre in the northern area and to roughly N600 in Lagos.

Their forecasts were based on the high exchange rate, the cost of petroleum, and the landing fee at the time.

As lines of motorists formed at certain gas stations in the Federal Capital Territory (FCT), the pattern led to anxiety and panic buying.

However, attempts to raise the price of petrol to N700 per litre were rejected by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Association of Distributors and Transporters of Petroleum Products (ADITOP).

In an interview with the News Agency of Nigeria (NAN), the associations referred to news of the claimed pump price rise as "speculations."

President Bola Ahmed Tinubu declared the withdrawal of gasoline subsidies during his inaugural speech on May 29, which caused the price of petrol to rise from N195 to N540 per litre.

According to the Daily Trust, the cost of items has already increased as a result of the rise in petrol prices. Foodstuffs and transportation are most severely impacted.

Nigerians have been complaining about how the elimination of subsidies has affected their life, but the Tinubu administration has pledged to provide assistance.

Source