MARKETERS ADJUST PUMP FUEL TO 617 PER LITRE

Pump price of fuel has jumped from N537 to N617 at the Nigerian National Petroleum Company Limited in Abuja. Punch Newspaper reports that Independent oil marketers confirmed the increase and said that any shift in price by NNPCL stations was an indication of the pump price rise.

NNPCL is the major importer of petrol into the country though other marketers are gradually importing the commodity say the secretary of independent petroleum marketers   association of Nigeria, Abuja-Suleja. Since the withdrawal of subsidy on petrol and the floating of Naira against the dollar, marketers had continued to explain that the cost of Petrol could rise as high as N700 per litre. The rise in the cost of crude oil in the international market has also triggered further hike in petrol price since crude is the product from which PMS and other refined petroleum products are produced from.

Punch reported that on Tuesday Morning, Motorists besieged the filling station in Abuja that were still dispensing fuel at N540 but promptly adjusted their pump price as soon as news of the hike-filtered in. many independent outlets had to lock their stations while others immediately adjusted their pumps to reflect the new price.