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Fear of fuel pump price hike increases



MOTORISTS and commuters were yesterday, gripped by fear of an impending increment in pump prices of petroleum products.

These worries started developing immediately reports of President Muhammadu Buhari’s meeting with Group Managing Director of NNPC, Mela Kyari, at the Presidential Villa, Abuja,  spread to many towns and cities.

Although the meeting was held behind closed doors, there were strong indications that it was not unconnected with the on-going rise in global oil prices which experts trace to the current faceoff between United States and Iran following the killing of an Iranian commander, Quasseem Soleimani last week and subsequent retaliatory attacks on military bases housing American troops in Iraq.

Brent crude that always serve as global benchmark gained 2.4per cent to peak at $70.24 per barrel on Monday, in a first-of-its-kind rally that saw prices hit that high in more than seven months.

But oil industry watchers say that this turbulence coming on the tail of escalation of tension between Washington and Tehran over these developments will send more jitters on the volatile crude prices with in the coming days and months, until there is a truce.

It was also gathered that President Buhari would later meet with Minister of State for Petroleum Resources, Timipre Sylva to explore every angle that may rub off on Nigeria economy as the trend continues.

But this has sparked fears among Nigerians who believe the meetings by government may end up with an increase in prices of petroleum products.


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