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Fuel price hits N150 per litre, as scarcity persists

By Victor Ahiuma-Young & Yemie Adeoye
PETROLEUM products marketers across the country appear to have finally gone ahead of the Federal Government to commence a full blown deregulation of the downstream sector as price of premium motor spirit (PMS) popularly called petrol has gone to an all time high of N150.00 a litre, even as some major oil marketers have also started a strategic sale of petrol at black market prices right inside their stations.

Black market price appears to have shot astronomically high as investigation reveals that a litre of fuel in the black market now sells for as high as N450.00 a litre, with over 75 per cent of the petrol stations on the Lagos-Ibadan Expressway were shut to travellers and other road users as they claim not to have product.

This is coming as the members of the Petroleum Tanker Drivers (PTD), branch of the National Union of Petroleum and Natural Gas Workers (NUPENG),  this morning resumed lifting of products following the suspension of an earlier strike which began on Friday.

Between Friday and yesterday when the truck drivers did not lift product over alleged extortion, harassment, brutality, arrest and detention of eight of their members by men of the Nigerian Navy at the Naval base, Apapa, Lagos, Nigerians went through hard times queuing and sleeping at the few filling stations selling products.


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