The Nigerian government has reportedly increased the price of petrol to N617 per litre.
Daily Trust confirmed this price adjustment after a visit to one of the NNPC filling stations in the Central area of Abuja on Tuesday, July 18, 2023.
According to the report, the fuel price has been raised from N539 to N617 per litre.
This increase has been confirmed by customers, with one individual stating, “It is true, I just bought at N617 per liter.”
Likely Reasons
The immediate reason for this price hike is yet to be ascertained.
However, it is speculated that it may be connected to recent projections by oil marketers that fuel prices will soon reach N700 per litre.
The concerns
This increase in petrol price has raised concerns among Nigerians as it will have implications on transportation costs, commodity prices, and the overall cost of living.
It remains to be seen how this price adjustment will impact the economy and the daily lives of citizens.
