Shocking! Petrol Prices in Nigeria Soar to N617/Litre - What's Next?

News,Fuel Prices, Nigeria, Petrol, Independent Oil Marketers, NNPCL,

Fuel prices have once again soared in Nigeria as petrol prices reached N617 per litre at some filling stations operated by the Nigerian National Petroleum Company Limited (NNPCL) in Abuja. Independent oil marketers have confirmed the price hike, stating that any shift in price by NNPCL stations is an indication of a rise in the pump price of PMS.

The Secretary of Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, confirmed that the price at some NNPCL stations is currently N617 per litre. NNPCL is still the major importer of petrol into Nigeria, although other marketers are gradually importing the commodity.

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Since the withdrawal of subsidy on petrol and the floating of the naira against the dollar, marketers have warned that the cost of PMS could rise to as high as N700 per litre. Additionally, the increase in the cost of crude oil in the international market has triggered further hikes in petrol prices, as crude is the product from which PMS and other refined petroleum products are produced.

As news of the latest price hike spread, motorists flocked to filling stations that were still dispensing petrol at N540 per litre. However, many independent outlets had to lock their stations, while others immediately adjusted their pumps to reflect the new price.

The NNPCL and the downstream oil sector regulator have yet to make any statement on the development. However, the continuous increase in fuel prices has left many Nigerians concerned about the economic implications.

In conclusion, the rise in petrol prices is a worrying trend for Nigerians, who are already facing economic challenges. With no statement yet from regulators or the NNPCL, it remains to be seen how the situation will develop and what impact it will have on the country.