Consumers of fuel all across Nigeria May have to deal with another hike in fuel price as exchange rate dropped by 1.6 percent on Thursday.
Metrowatch Extra gathered that private depot owners across Lagos and its environs have increased the depot price of petrol to more than N960 per litre, from N710 per litre, indicating an increase of 35.2 per cent.
This is an indication that the government would need more funds to import the product while passing the cost in the form of high prices to consumers, especially as the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has already noted that the sector remains deregulated.
The current transactional analysis obtained by Vanguard, yesterday, put the landing cost, including product cost, finance cost, freight, port charges, insurance, storage and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA at more than N1,200 per litre.
Furthermore, while the NNPC Ltd and major oil marketers sold products at N895 per litre, their independent counterparts sold them at between N900 and N1,000 per litre, depending on location.
