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Biafra | O'dua | Arewa | Sports | Business | ThisDay | Guardian | Vanguard | Tribune | AllAfrica | Daily/Weekly Trust | Daily Independent | Triumph |
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Prices of petroleum products may climb to between N45 to N60 per litre in the next one month. Already, petroleum products marketing companies are smoothening out the rough edges of the plans to increase products prices. The Oil marketers are hinging their plans on the sliding naira which has continued to lose weight against other major currencies in the Dutch Auction System [DAS]. The naira is currently exchanging for N137 to the dollar at the Dutch Auction System (DAS) losing N9 to the dollar in one month. Petroleum product prices were fixed by marketers when the naira was exchanging for N127.5 to the dollar. The slide, they argue, has made imperative the need for the new increase. Both the independent and major fuel marketers in the country have begun moves to hike fuel prices again. Currently, petroleum marketers import petroleum products from the international market where the determining currency is the dollar. The slide of the naira therefore hikes the landing cost of petroleum products and by extension the end price to.... (Daily Independent) |
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