Reactions As NNPCL Increases Petrol Pump Price to N617

The NNPC Limited on Tuesday morning increased its petrol pump price to N617 per litre from N537 in Abuja, causing a stir on social media.

The Eagle observed that the dwindling value of the Naira has put pressure on fuel importers, including the NNPC Limited as well as major and independent marketers.

Commenting on the development, the national operations controller, of the Independent Marketers Association of Nigeria, IPMAN, Mike Osatuyi, said: “It is not about the NNPC Limited. It is about the market fundamentals. Every marketer stands alone with its different cost elements. The low value of the Naira is currently impacting the market. It is now more than N800 to a dollar.

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“This is why the market is responding this way. It has to spread because as operators, our price depends on our cost.

“Even though some importers have been able to import the product, it cannot be cheap because it is based on the current market fundamentals, especially foreign exchange. The public should also know that importers source their foreign exchange from the banks at the current rate. “

Reactions from netizens have flooded Twitter, with many expressing their displeasure towards this new development.

One tweep wrote, “Not upto a month and Tinubu times are this hard!! No way in Hell i am buying fuel for 617 naira. Once my phone goes off now na till Nepa bring light next”

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Another tweeted, “The same petrol that was 190 naira per litre two months ago is now 617 naira per litre. Is this the renewed hope?”

Another user identified as 𝐷𝑟 𝐴𝑙𝑙𝑖𝑠𝑜𝑛 𝑜𝑓 𝑃𝐻 wrote, “I remembered during the election,friends were mad at me for saying this government will do us no good. They kept saying “their choice” now see where the choice yall made has landed us. Fuel is currently 617 Naira and dollar is almost 850, Yet some are abroad advocating for APC.”