Checks by Nairametrics on Tuesday, July 18, revealed that some fuel stations in Abuja, the Federal Capital Territory (FCT) were selling fuel at N640 per litre.

Meanwhile, on Monday, July 17, Nairametrics can confirm that fuel stations were still selling at N540 per litre.

What changed?
Several motorists in Abuja have raised the alarm that stations are increasing their prices to an average of N610 to N640 per liter. In a brief chat with Nairametrics on Tuesday, Mike Osatuyi, the National Operations Controller of the Independent Marketers Association of Nigeria (IPMAN), said that he had earlier projected that from the third week of July 2023, when new fuel imports come into the country, there could be an upward review of fuel pump prices, which has now happened.

He attributed the increase in the pump price of fuel to three factors which he highlighted:

The recent increase in crude oil prices in the international market. Recall that Nairametrics had reported days ago, that Brent crude benchmark price had surpassed $80 per barrel for the first time since May 2023.

The increase in the Dollar to Naira exchange. Nairametrics recently reported that although the exchange rate between the naira and the US dollar closed at N795.28/$1 at the official Investor and Exporters window on Monday, 17th July 2023, it traded N820/$1 at the unofficial I&E Window.

The third factor may apply only to states in the North like Sokoto and Maiduguri, which could end up paying even higher than the N640 per litre paid by some Abuja residents as of this morning. This is because of higher transportation costs that require marketers to transport fuel to distant cities in the North.

Are fuel pump prices likely to come down?
The fuel pump prices will depend on market forces. Recall that two months ago during an interview with Arise Television, Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) said that fuel pump prices in the country, are reflective of the current market price of the commodity.

What this means is that prices in the market can go down at any time and the market will always adjust itself. It is important to note that as of this morning (10:53 am, GMT+1), Brent crude price was $78.86 per barrel.

What Nigerians can do to cope with new prices?
Stakeholders in Nigeria’s energy industry believe that Nigerians should create alternative energy sources and make some lifestyle changes to cope with increasing fuel pump prices because of the fuel subsidy removal.

Some of the changes include:

Carpooling/car-sharing and making contributory payments for the single car used for such purposes.

Converting cars and generators to run on Autogas

Using public transportation systems for work commutes in states where such is available.

Cut down on driving time. Drive for shorter periods and only use your car when it is necessary.

Cut down on the number of cars you own/drive.

https://nairametrics.com/2023/07/18/ipman-gives-reasons-for-increase-in-fuel-pump-price-as-abuja-stations-sell-at-n640-per-litre/

Previous Thread:
https://www.nairaland.com/7768848/nnpcl-further-increases-fuel-pump#124491593

8k will cushion the effect, why worried?

It is scary that President Tinubu who had always insisted that he would remove fuel subsidy from his first day in office, had ZERO plan to contain the effects of such removal. And his only reaction is to fall back to Buhari's MYSTERIOUS money transfer to the poor and vulnerable. This doesn't inspire much confidence.

Na to buy Bicycle o

Nigerians will be fit by fire by force.
Walking and running ti takeover....

MAY THIS NEW FUEL PRICE FAVOUR ME AND MY FAMILY...

Nigeria should start transacting in Dollars. If what drives our economy and market hinges on Forex, especially the Dollars, then we should adopt the use of dollars in the payment of salaries to civil servants.

Hmmm

The pressure is getting wesser

My God, how will the common man survive. This is heartbreaking.

It's time Government took a strong stand against the shenanigans of this so-called IPMAN. Get them registered under the Major Marketers as subordinates at once. Things were not done this way when we're growing up. Nothing like Independent Marketers then, yet everyone moved around smoothly. Why should a human organisation albeit a sadistic one, seasonally hold the rest of us in bondage? We must call a truce with Reason at once.

This is the price we will be paying for not fixing our refineries before removing subsidy and Dangote refinery they were hoping to produce fuel may not even produce anything till the end of the year.
We don enter bulaba blublublu

Well, the 50 years of protection from the actual price of petrol is over.

Next 2 years will be painful for Nigerians .

A lot of middle class will japa .

nairalandkachy1:


https://nairametrics.com/2023/07/18/ipman-gives-reasons-for-increase-in-fuel-pump-price-as-abuja-stations-sell-at-n640-per-litre/

Previous Thread:
https://www.nairaland.com/7768848/nnpcl-further-increases-fuel-pump#124491593

Again

Nigeria is buying dollars to import these petroleum products which devalue our Naira, our custom officers should braised up and stop the smuggling of these petroleum products to other countries because it is affecting our Naira.

These other countries should also buy dollars to import their petroleum products, Nigerians are suffering.

Don Tire For This 617naira Fuel

And some states still refuse to pay or are owing months of 30k minimum wage

Ipman ma pa mi nau. This finishing move you dey give us no dey ipman part 1 to 4 sef. Shewonleyin patapata. Let the poor breef, na their last breathe?
This country nawa o .


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As things dey go like this,e be like dis i.d.iot tinubu go worse pass the useless and brainless buhari o,I pray we don't start praising buhari,we said he spoil the country, it's like na tinubu go bury am patapata

They are major prob we have apart Former Government led by PMB. SO SELF-CENTRED a BOARD, Xo cos they Blocked una BUNKERY & SUBSIDY FRAUD abi?

I used to think Tinubu was better than Buhari. But he's worse than Bubu

I tot they said d price wil soon start dropping

Where are this subsidy removal will favor me people

The way this country is structured no one can solve the pain we will have change of government soon and price will continue to shoot up

We not a productive nation things get worst daily no president can solve it for u

Till now even dangote refineries no work

festacman:
It is scary that President Tinubu who had always insisted that he would remove fuel subsidy from his first day in office, had ZERO plan to contain the effects of such removal. And his only reaction is to fall back to Buhari's MYSTERIOUS money transfer to the poor and vulnerable. This doesn't inspire much confidence.

He is only good in politics, but bad in governance

Makes sense!

Local production must start ASAP

Dangote, where are you

C

Tinubu is just a waste, person wey no get agenda una de support nawaooo

okay na

Instead of reducing it, this people does not have the interest of the common man at heart..just work hard and pray