Naira Slump: Fuel Price May Go Up Again, Marketers Warn

The fall of the naira against the United States dollar, coupled with the recent rise in global crude oil prices, is mak­ing Nigerians apprehensive of a possible hike in the pump price of Premium Motor Spirit, pop­ularly called petrol.

Although the Nigerian Na­tional Petroleum Company Limited and other oil market­ers have not announced any increase in petrol price, they confirmed that the scarcity of foreign exchange and crude oil price rise were key factors that determined PMS price.

Petrol price moved up from N198/litre in May to over N500/ litre in June after President Bola Tinubu removed the subsidy on PMS.

The cost jumped again to over N600/litre in July, and there were concerns that it might rise further in August, going by the crash of the naira against the dollar.

The naira dropped below N900 against the dollar on Thursday at the parallel market. It also fell against the US dollar at the official Importers and Ex­porters forex window.

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