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

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