Fuel price is N1K per litre in Abuja as huge queue begins

Information reaching Kossyderrickent has it that Fuel price is N1K per litre in Abuja as huge queue begins.

The Federal Government may spend about N1.68tn as subsidy on Premium Motor Spirit, popularly called petrol, from September to December this year, an analysis of data provided by oil marketers and the sector has shown.

PMS dealers stated on Thursday that the pump price of petrol should be between N890 to N900/litre based on the fall of the naira against the United States dollar and the surge in the price of crude in the international market.

In Abuja, the country’s capital, queues have emerged at petroleum dispensing outlets while street urchins have taken advantage of the situation to sell the product at the black market at NN625.

President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Elder Chinedu Okoronkwo, blamed the situation on the high cost of diesel.

He said, “On my way to Port Harcourt (Monday), my driver drove into a filling station and I observed a minor pump adjustment and when I inquired I was told that the adjustment is to cover operational costs because marketers pay higher now to truck operators and also to run our generators.”

The government and the NNPCL have not officially admitted that subsidy on petrol has been reintroduced. President Bola Tinubu had on May 29 announced ended the subsidy regime during his inaugural address.

The government subsidises PMS through the Nigerian National Petroleum Company Limited. NNPCL is the sole importer of PMS. Other marketers stopped PMS imports due to their inability to access foreign exchange.