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Nigerians should brace up for another increase in pump price

Nigerians should brace up for another increase in the pump prices of petrol, due to the continued scarcity of foreign exchange to finance the importation of the product.

Some of the oil marketers who bared their minds on the development said the US dollar has hit an all-time high as it is now exchanged for N400 at the parallel market.

Worried by the development, the marketers say if not urgently addressed, the pump prices of petrol will not remain at the approved rates.

The Federal Government liberalized the downstream sector of the petroleum industry on May 11, 2016, and announced an increase in the pump prices of petrol from N86 and N86.5 per litre to between N135 and N145 per litre.

 

 

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