BREAKING: Fuel prices to increase from N568 to N617 per litre

The Nigerian National Petroleum Corporation Limited (NNPC) has revealed that its fuel pump price will rise from 568 to 617 per litre tomorrow.

In June, the NNPC announced an increase in the price of fuel per litre due to the removal of fuel subsidy, which made the price shift from its previous N189 per litre, to N539-N600 per litre across different states.

TheNewsGuru.com learned from an NNPC fuel station on Wednesday that there will be a sudden increase in the petrol pump price from the former 568 to 617 per litre in Lagos.

The change occurs a few months after the downstream petroleum business was completely deregulated, that is, the process of removing governmental restrictions from a market, enabling market forces to set product pricing.

It is said that as fuel prices are no longer fixed, they will continue to change based on the market forces and the changes in Dollar in the foreign exchange market.

Naira dropped further to the dollar, exchanged at N782.38/$1 on Wednesday at the official market. But, at the parallel market dollar is enchanted at 910/$1.