Petrol Pump Price Jerks Up Again, A Litre Sells For Between N560 And N617

Shock has gripped Nigerians as Nigerian National Petroleum Company  Limited (NNPCL) again jerked up the pump price of petrol.

In Abeokuta, the Ogun State Capital, filling stations have adjusted their pump meter for a litre of petrol to between N570 and N600.

In Lagos, the new pump price ranged from N560 to N617 and from N537 to N617 in Abuja.

The fresh hike in the pump price has resulted in panic buying in Abuja and Lagos by motorists from filling station which have not fully adjusted their pump to N617.

National Organizing Secretary of the Independent Petroleum Products Marketing of Nigeria, Mike Osatuyi, attributed the fresh hike in pump price to the increase in the crude price in the world market, due to cut in Organization of the Petroleum Exporting Countries (OPEC) production quota.

Osatuyi also blamed it on the merging of foreign exchange window which in the past three days had shot up the exchange of the naira to over N800.

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He said marketers who are importing petrol and about to import are sourcing their foreign exchange from the parralel foreign exchange market.

Meanwhile, nigeria’s daily consumption of petrol has crashed to 46.34 million litres.

This represents a sharp drop from 66.6 million litres daily in May before the petrol subsidy withdrawal.

Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, disclosed this at a stakeholders meeting in Lagos State.

According to him, daily consumption in January and February this year, was 62 million litres,  rising to 71.4 million in March, and dropped to 66.7 million in April; 66.6 million in May, 49.5 million in June before crashing to 46.3 million this month.