Federal Government agrees to fuel hike
Nigeria has increased the pump price of petrol to N151.56 per litre from N145.
This follows a guided deregulation of the upstream energy sector after the removal of fuel subsidy a few months ago.
The price hike, according to due to the price of crude oil in the month of August.
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This new price of N151.56 per litre is to take effect from Wednesday, according to the Petroleum Products Price Regulation Agency, PPPRA’s Head Depot Manager, D.0. Agbalaya.”
The fuel price which was initially at N132.00 first increased by N6 before it became N145.80 and then the newly announced price of N151.56.
This is the first time that the PPPRA would succumb to an increase in fuel price after the removal of petrol subsidy.
