The price of Premium Motor Spirit(PMS) popularly known as fuel has risen to about N617 per litre as the controversy and the hard effects of subsidy removal by the Nigerian government continue to h#tNigerians.
According to Sahara Reporters, a visit to a Nigerian National Petroleum Company Limited (NNPCL) mega filling station in the Central area of Abuja on Tuesday, July 18, 2023, confirmed that the fuel price had been adjusted from N539 to N617 per litre.
Also, a customer who confirmed the development to journalists, and was quoted as saying, “It is true, I just bought at N617 per litre,”
Though the NNPCL has not stated the reason for the current fuel price upward review, it is believed that the increase is reportedly not unconnected to the recent projections by oil marketers that fuel prices will hit N700 per litre soon.
But the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NDMPRA) has not commented on the development at the time of filing this report.
This comes amid the rise of the inflation rate in the country with headline inflation maintaining a progressive increase rising to 22.79% in June 2023 from the 22.41% recorded in May 2023.
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