Several motorists in Abuja have raised the alarm that stations are increasing their prices to an average of N610 to N640 per liter.
In a brief chat on Tuesday, Mike Osatuyi, the National Operations Controller of the Independent Marketers Association of Nigeria (IPMAN), said that he had earlier projected that from the third week of July 2023, when new fuel imports come into the country, there could be an upward review of fuel pump prices, which has now happened.
He attributed the increase in the pump price of fuel to three factors which he highlighted:
The recent increase in crude oil prices in the international market. Recall that Nairametrics had reported days ago, that Brent crude benchmark price had surpassed $80 per barrel for the first time since May 2023.
The increase in the Dollar to Naira exchange. Nairametrics recently reported that although the exchange rate between the naira and the US dollar closed at N795.28/$1 at the official Investor and Exporters window on Monday, 17th July 2023, it traded N820/$1 at the unofficial I&E Window.
The third factor may apply only to states in the North like Sokoto and Maiduguri, which could end up paying even higher than the N640 per litre paid by some Abuja residents as of this morning. This is because of higher transportation costs that require marketers to transport fuel to distant cities in the North.
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