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Sunday, May 19, 2024

Fuel Price Hits N617 Per Litre

More hardship is on the way for Nigerians as the price of Petroleum Motor Spirit (PMS) has hit N617 per litre in the nation’s capital, Abuja.

On Tuesday, several outlets of the Nigerian National Petroleum Company Limited, in Abuja are selling the commodity for N617 per litre.

A source in the NNPCL told PM NEWS that the company has actually increased the price of petrol from N537 per litre to N617 per litre in Abuja.

Independent oil marketers confirmed the increase in the cost of the commodity, as they stated that any shift in price by NNPCL stations was an indication of a rise in the pump price of PMS, the Punch reports.

Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, said “This is because NNPCL is still the major importer of petrol into Nigeria currently, though other marketers are gradually importing the commodity. The price this (Tuesday) morning at some NNPCL stations is N617/litre.”

The immediate reason could not be ascertained but it might be connected to the recent projections by oil marketers that fuel price will hit N700 per litre soon. – PMN

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