Updates on the Fuel Price in Nigeria

Fuel price in Nigeria
Mele Kyari
Amidst severe economic experience after the initial withdrawal of oil subsidy, the pump price of fuel in Nigeria has jumped from the control price of N500 per litre, and a litre of petroleum now sell for between N580 and N620, depending on locations and filling stations. This has subsequently, increased the cost of transportation within the country.

In the Southern part of the country, a liter is sold around N580 and N617. In the core North, it sold between N600 and N620.

Many residents of the country have lamented over the unnecessary rise in the pump price of petroleum as the price of commodity and cost of transportation became skyrocketed as a result of the inflated oil price.

However, the rise in the fuel price in Nigeria is said to be temporary as the Managing Director of the Nigeria National Petroleum Corporation Limited NNPC Limited, Mele Kyari blamed Marketers for the current rise in fuel price in the country.

Reacting to the rise in the fuel Price in Nigeria today, Mele Kyari blamed market forces for the increase in petrol pump price from N540 to N617 and N620 per litre, depending on locations.

Some Filling stations are also hoarding the fuel product, this creates forces between the demand and supply chains which in turn maximize the profit for the sellers and Marketers as the pump price increases with increase on demand and less supply.

Government may need to quickly see into devising a means at controlling the levels at which the marketers can easily deploy tactics to frustrate the market.

Category: World-News
Tag: Fuel price in Nigeria
Written by Omooba Alekuwodo (omoobaalekuwodo)
Published 7/18/2023 6:59:29 PM

Join us on:
Facebook | WhatsApp Community
| Twitter| WhatsApp Channel
How would you react to this story?
Thump Up Thumb Down
Thumb Up Thumb Up
0 0

Trending News

Ownership Crisis Rocks Benin City as Igodomigodo Asks Oba of Benin to Return To Ile-Ife

Many Fear Dead As Flight Vehicle Fell in Makurdi

Lady Runs Mad After She Was Dropped From A Tricycle By Suspected Yahoo Boys

Uproars as Suspected Yahoo Boy Brags 100 Nigerian Policemen Guide Him Daily

Aregbesola Dragged for Violating State Policy At Iwo Ramadan Lecture

First Class Graduate Die After Completing 21-Day Fasting Allegedly Ordained By Her Pastor To Cure Ailment

Obi Cubana Share Touching Story When His Wife Paid His Price

Divorced Single Mother of One Shares How Family and Pride Made Her Loose Her Husband In A Sorrowful Way

Uproars As A Pastor Said God Failed Wigwe Despite Dashing Church One Billion Naira

Wigwe and Mr. Ibu Died of Inherited Curses, Apostle Suleiman Revealed

Load More

You cannot submit comment on this topic because you are not currently login. You can choose to Login or Create an Account then you are good to join the discussion.

Author Author (Entrant )
9 months ago
0     0     0 Replies    

Most Recent Comments         Load More Comments

Free CBT Exams
Take Exam