{"id":84906,"date":"2023-07-19T06:41:42","date_gmt":"2023-07-19T06:41:42","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/07\/19\/reasons-behind-the-increase-of-fuel-price-despite-the-removal-of-subsidy\/"},"modified":"2023-07-19T06:41:42","modified_gmt":"2023-07-19T06:41:42","slug":"reasons-behind-the-increase-of-fuel-price-despite-the-removal-of-subsidy","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/07\/19\/reasons-behind-the-increase-of-fuel-price-despite-the-removal-of-subsidy\/","title":{"rendered":"Reasons Behind The Increase Of Fuel Price Despite The Removal Of Subsidy"},"content":{"rendered":"

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The Nigerian National Petroleum Company Limited recently raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N617 per litre at outlets in the Federal Capital Territory. In Lagos, some stations are selling petrol for prices ranging from N493 to N600 per litre.<\/p>\n

This latest fuel price hike comes just two months after President Bola Tinubu officially announced the end of the subsidy regime. Surprisingly, the NNPC Limited has not provided any official reasons for this recent increase in price.<\/p>\n

However, According to Vanguard, Mike Osatuyi, the National Operations Controller of the Independent Marketers Association of Nigeria, shed some light on the situation. In an interview with the media, he explained, \u201cIt is not about the NNPC Limited. It is about the market fundamentals. Every marketer operates independently with their own unique cost elements.\u201d<\/p>\n

Osatuyi further elaborated on the impact of the depreciating value of the Naira, stating, \u201cThe low value of the Naira is currently affecting the market. It has exceeded N800 to a dollar. This is why the market is reacting in this manner. The price has to reflect the cost because our pricing depends on various factors.\u201d<\/p>\n

He also emphasized that even though some importers have managed to import the product, it cannot be priced cheaply due to the prevailing market fundamentals, particularly foreign exchange. Importers acquire foreign exchange from banks at the current exchange rate, which further contributes to the increase in fuel prices.<\/p>\n

It is crucial for the public to understand the complexities of the fuel market and the factors influencing the prices. The removal of subsidy does not necessarily guarantee lower fuel prices, as market fundamentals and foreign exchange rates play a significant role in determining the cost of petrol.<\/p>\n

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The Nigerian National Petroleum Company Limited recently raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N617 per litre at outlets in the Federal Capital Territory. In Lagos, some stations are selling petrol for prices ranging from N493 to N600 per litre. 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