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The pump value of Premium Motor Spirit, popularly known as petrol, was raised from N537/litre to N617/litre at some filling stations operated by the Nigerian Nationwide Petroleum Firm Restricted in Abuja on Tuesday.
Unbiased oil entrepreneurs confirmed the rise in the price of the commodity, as they acknowledged that any shift in value by NNPCL stations was a sign of an increase within the pump value of PMS.
“It is because NNPCL remains to be the most important importer of petrol into Nigeria at present, although different entrepreneurs are progressively importing the commodity. The worth this (Tuesday) morning at some NNPCL stations is N617/litre,” the Secretary, Unbiased Petroleum Entrepreneurs Affiliation of Nigeria, Abuja-Suleja, Mohammed Shuaibu, informed our correspondent.
Recall that President Bola Tinubu had throughout his inaugural handle on Could 29, introduced that subsidy on petrol had ended, a growth that led to the bounce within the value of the commodity from N198/litre to over N500/litre on Could 30, 2023.
For the reason that withdrawal of subsidy on petrol and the floating of the naira towards the greenback, entrepreneurs had continued to elucidate that the price of PMS may rise to as excessive as N700/litre.
Equally, the rise in the price of crude oil within the worldwide market has additionally triggered additional hike in petrol value, as crude is the product from which PMS and different refined petroleum merchandise are produced from.
In Abuja, on Tuesday morning, motorists besieged the filling stations that had been nonetheless allotting at N540/litre, however because the information of the hike in value by NNPCL stations filtered in, many unbiased shops needed to lock their stations.
Others instantly commenced the adjustment of their pumps to mirror the brand new value. The NNPCL and the downstream oil sector regulator had but to make any assertion on the event.
Particulars later…
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