FG Set To Increase Fuel Price To N238
-The Federal Government may be set to increase the fuel price to a price between the range of N211 and N238.
-It has been reported that the NNPC may struggle to carry the burden of the rise in market price
-The Group Managing Director of (Nigerian National Petroleum Commission) NNPC, Mele Kyari claims that consumers are paying well below the market price.
Nigerians should be prepared to shoulder another increase in the fuel price. It appears that the Government may be set to raise the pump price of fuel to N211 – N238.
According to the Managing Director of NNPC, Mele Kyari, Nigerians are paying below the price of N211 and N234/liter for Petrol.
Kyari stated that the government is importing Premium motor spirit (fuel) above N211 and selling it at N162 per liter. This has caused the NNPC to shoulder the burden of the price difference, which they may not be able to do for much longer.
The NNPC MD claims that the cheapest rate at which fuel is being sold in neighboring countries is N300 and some even sell for above N500.
Kyari also stated that the FG is looking into Autogas as another means of fuel for vehicles because it costs half the price of petrol.
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The NNPC had earlier promised not to increase the pump price of fuel in March following a statement on its website that Petrol would sell between N209.61 and N212.61.
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