After the Mister of State for Petroleum, Dr Ibe Kachikwu assured Nigerians that the current fuel crisis in the country world soon come to an end, there is a probability that the pump price for the product might increase a bit.
According to The Guardian, there were indications yesterday from the Petroleum Products Pricing Regulatory Agency (PPPRA) that the product may be sold for N88 per litre at the Nigerian National Petroleum Corporation (NNPC) stations and N88.50 in other stations starting from today.
Until this new template, the NNPC’s official price for a litre of fuel was N86 while for others it was N86.50. The new price mechanism that is expected to take effect today is a requirement of price modulation system that is reviewed every quarter.
Though it remains uncertain the substantive Minister of Petroleum Resources, President Muhammadu Buhari, who is attending a conference in Washington DC in the United States, approved the template before leaving the country, The breakdown indicates that government is expected to get N400 million daily as the country still operates on over-recovery basis, which means that Nigerians are paying extra N10 on every litre of petrol they buy at the filling stations.
While the fuel scarcity lingers, commuters are having a hard time getting fuel as most filling stations aren’t dispensing.
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