Despite the sudden increment of fuel pump price from 515 to 617 by NNPC early this week, the Matrix Petrol Station in Auchi, remains one of the fueling stations in Nigeria that has maintained the old petrol pump price of 590 to 617 of the new fuel pump price increased by NNPC early this week.
According to Okpella TV correspondent, who gathered the story July 18,2023 from one the petrol buyer at Matrix petrol station in Auchi stated that for now Matrix Petrol station sells for N590 per liter but he doesn’t know what tomorrow hold in the fueling station.
The National President of the Independent Petroleum Marketers Association of Nigeria, Chinedu Okoronkwo on Tuesday explained the sudden hike in the pump price of petroleum products in Nigeria.
Okoronkwo blamed the sudden hike in the pump price of petrol on the cost of dollars.
He explained that petroleum products are imported to Nigeria using dollars, hence the increase.
According to Okoronkwo: “This business is done with dollars, remember the rate of dollars now is in one window and not like we had several others, where CBN will give around N400 while the black market will be around the region of N700 but now there is no more second window.
“Today the dollar is around N800 and in a deregulated regime, what determines the price of anything is the cost. The product is not refined here, everything is imported.
“If we want to achieve something, there are other alternatives we have proffered. The CNG is something this nation needs to seriously look into; so it would be a matter of choice if you want to use gas or petrol.
“The price has really gone up because of the fundamentals in the market which has to do with the dollars.”
The NNPC, on Tuesday, increased the pump price of petrol to about N617 per litre.
This is coming shortly after the petrol price was increased to over N500 per litre following the removal of fuel subsidy.