TUE, JULY 18 2023-theGBJournal |Petrol retail dealers are now selling the Premium Motor Spirit (PMS or petrol) at prices ranging from N570/litre (Lagos) to as much as N620/litre (Abuja), up from an avarage of N540/litre since the President Bola Ahmed Tinubu’s administration yanked subsidy from the commodity in May.
Prices rocketed from N195/litre to N537 immediately of the President announced during his inauguration speech that ”fuel subsidy is gone,” triggering a bout of scarcity and sudden spike in price of the commodity.
The new prices surfaced today, and theGBJournal correspondent’s visiting various filling stations across the country including Lagos and Abuja, say the sudden increase has induced another round of panic buying as motorists fear scarcity may follow the increases.
A petrol station manager who spoke to theGBJournal said ”we are simply adjusting our price to reflect the increase we suddenly encountered at the depots,” adding that he expects this to be the trend going forward.
Meanwhile, oil prices fell Monday with crude benchmarks recording their third straight weekly gain but steadied Tuesday following muted trading.
Brent crude steadied to $78.76 per barrel after falling more than 1.5% Monday following lackluster economic data from China while the US West Texas Intermediate crude traded at $74.43 per barrel with contracts set to expire on Thursday.
The most recent gain is propelled by strong US dollar which is making crude more expensive to buy.
Twitter-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com| govandbusinessj@gmail.com
