Fuel Price Rises As Naira Continues To Weaken Against Dollar (DETAILS)

Fuel Price Rises As Naira Continues To Weaken Against Dollar (DETAILS)

The price of Premium Motor Spirit (PMS) popularly known as petrol has risen amid the continued decline of the naira and growing inflation in the country.

Nigerians woke up on Tuesday to realise that the price of petrol had been adjusted at fuel stations across the country, including those of the Nigeria National Petroleum Company Limited (NNPCL).

In Lagos, the NNPC sold the product for N565 while some other stations sold higher. Prior to the increase, they sold at N484 to N488.

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The product sells higher in Abuja where at least two NNPC stations visited had adjusted their price from N539 to N617 per litre with other stations selling higher.

In Jos, the Plateau State capital, petrol is being sold at N617 on Tuesday, up from N537.

A filling station visited in Dutse the Jigawa State capital, sold the product at N620 per litre.

In Port Harcourt, the Rivers State capital, filling stations were seen selling petrol between N511 to N525 per litre. At the NNPC retail outlet in the oil-rich state, a crowd of people were jostling for the commodity.

The increase in price is the second significant jump in the price since May 29, when President Bola Ahmed Tinubu announced that the fuel subsidy was gone.

The price had jumped from below N200 per litre at NNPC outlets and many stations across the country to the N500 range.

The fuel price jump had been followed with the free float of the naira in line with President Tinubu’s promise of harmonising various exchange rates. The naira float has seen the currency plunge from below N500 per dollar on the official exchange windows to a record low of above N800 naira.