There are significant indicators that a further hike in the price of fuel—the third in ten weeks—may be imminent, since data from oil marketers indicates that the increase may come much sooner than later.
New information about the rise in the landing cost of gasoline supports this prediction. which increased from N460 per litre in June 2023 to N632.17 per litre in July 2023, a monthly increase of 37.4%. This figure does not even account for other out-of-pocket costs like taxes and transportation, which could raise the ultimate cost to around N700 per litre.
With growing crude oil prices and the Naira’s devaluation perhaps continuing to affect prices and posing difficulties for deregulation initiatives, the overall market situation is still unknown.
If the current 617 naira fuel pump price is increased again, which the Organized Labour considers as “illegal,” it has pledged to proceed with a complete, all-encompassing, and indefinite nationwide closure of the nation.
The PUNCH had previously reported that oil marketers on Sunday suggested that, should the dollar continue to trade between N910 and N950 on the black market, the price of Premium Motor Spirit, more commonly known as fuel, will jump to between N680/litre and N720/litre in the coming weeks.
The National Parent Teacher Association of Nigeria (NAPTAN) has pleaded with President Bola Tinubu to step in and take all necessary measures to stop the price of gasoline from rising further and out of control.
