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Petrol pump price moves up to N617

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Oil marketers on Tuesday increased petrol pump price shockingly from N537 per litre to N617 per litre, showing an additional N80 hike.

The latest development is coming after inflation rate has hit 22.79 percent while food inflation gallops to 22.25 per cent.

With no statement yet to justify the increase, Persecondnews gathered that this might be due to the steepy depreciation of the Naira, one of the biggest fall in history.

The devaluation of the currency might have triggered the increase in the price of petrol in Nigeria.

Prior to the Tinubu administration, the CBN had dictated the rates.

But barely one week after the appointment of Folashodun Adebisi Shonubi as Acting CBN Governor, Nigeria floated the Naira to allow market forces to determine the exchange rate.

The market is now open for oil companies to import fuel as long as it meets all the requirements, while the market will be modulated to allow the fluidity of prices.

Persecondnews reported on Monday that seven weeks after the removal of subsidy by Tinubu, oil marketers have this week imported Premium Motor Spirit (petrol).

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, said at a stakeholders meeting in Lagos on Monday that of the 56 oil companies that applied for and obtained licenses, only 10 indicated the ability to import in the third quarter of 2023, while three had “landed cargo”.

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