Pump prices of fuel have risen in some states of Nigeria as the Yuletide approaches, investigations by New Telegraph on Monday revealed.
It was discovered that fuel now sells from N660 to N700 or even more per litre across states in the country.
Investigations revealed that in Lagos it has rises from N550 to N620 per liter; Jos, Plateau State: N670 per liter, Ebonyi State: N670 per liter, Kano State: N680 per liter; Uromi, Edo State, N680 per liter; Kano State: N680 per liter and Maiduguri, Borno State: N680 to N700 per liter.
Another reason for the fuel pump price increase according to some sources is the removal of fuel subsidies, which has made pump prices more responsive to the prevailing circumstances and within the market.
Another reason, according to sources, is current foreign exchange fluctuations in the country which created substantial challenges, making it exceedingly difficult, if not impossible, for licensed independent fuel marketers to import petroleum products.
This has made the Nigerian National Petroleum Company Limited (NNPC Ltd) return as the sole fuel importer while other marketers now rely on it for their supplies.
