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Fuel price climbs to N617 per litre

The price of Petrol has increased to N617 per litre in the nation’s capital, Daily Trust can confirm. A visit to an NNPC filling station…

The price of Petrol has increased to N617 per litre in the nation’s capital, Daily Trust can confirm.

A visit to an NNPC filling station in the Central area of Abuja on Tuesday morning showed that the fuel price had been adjusted from N539 to N617 per litre.

A customer confirmed to Daily Trust that he bought at the new rate.

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

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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.

Some oil marketers had predicted that petrol prices could rise above N700 per litre in the northern region and around N600 in Lagos once independent marketers start importing the products from July.

Their predictions were based on the current high exchange rate, crude price and landing cost.

The trend caused tension and panic buying as queues of motorists sprung up in some filling stations in the Federal Capital Territory (FCT).

But the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Association of Distributors and Transporters of Petroleum Products (ADITOP) denied plans to increase petrol price to N700 per litre.

The associations in an interview with the News Agency of Nigeria (NAN) dismissed reports of the alleged increase of pump price as speculations.

The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NDMPRA) is yet to comment to Daily Trust inquiry on the sudden pump price increase as at the time of filling this report.

During his inaugural speech on May 29, President Bola Ahmed Tinubu had announced the removal of fuel subsidy, leading to the increased price of petrol from N195 to N540 per litre.

Daily Trust reports that the increase in petrol prices has already led to a hike in the prices of goods. Worst affected are foodstuff and transportation.

Nigerians have been lamenting the effect of subsidy removal on their lives, but the Tinubu administration has promised relief.

Last week when he hosted class of 1999 Governors, Tinubu appealed for more patience from Nigerians.

He assured Nigerians that the framework for palliatives to remedy the effects of fuel subsidy removal was being worked out.

“I understand that our people are suffering yet there can be no childbirth without pain. The joy of childbirth is the relief that comes after the pain. Nigeria is reborn already with fuel subsidy removal. It is a rebirth of the country for the largest number over a few smugglers. Please tell the people to be a little patient.”

“The palliative is coming. I don’t want cash-transfer to fall into wrong hands. I know it pinches and it is difficult. In the end, we will rejoice in the prosperity of our country,’’ he had told the governors, who were led by former Governor of Edo State, Lucky Igbinedion.

Tinubu had earlier written to the House of Representatives to seek an amendment to the 2023 supplementary appropriation act to accommodate N500 billion for provision of palliatives for Nigerians.

The parliament subsequently approved the request.

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