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Possible Petrol Price Hike Looms as Naira Weakens Against Dollar

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Oil marketers are warning about a potential hike in the pump price of petrol.

This comes as the naira weakened against the dollar in the black market to N920 on Thursday.

This raised concerns about whether the current petrol price can be sustained.

Oil dealers and marketers argued that keeping petrol at the current price of N617 per liter is unsustainable with the exchange rate at N920 to the dollar.

They are projecting a possible increase to between N680 and N700 Naira per liter.

They emphasized that the forex rate was around N750 to N800 to the dollar when the petrol price was set at N590 to N617 a liter.


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