Naira crumbles to 920/$, fuel marketers push for fresh price hike


Oil marketers, on Thursday, insisted on a possible hike in the pump price of Premium Motor Spirit, popularly called petrol, following a further plunge in the value of the naira against the United States dollar.

The local currency weakened against the greenback at the black market from 900/dollar on Wednesday to 920/dollar on Thursday, raising further concerns about whether the pump price of petrol could be sold at the current price.

The naira which had hit 945/dollar at the parallel market about two weeks ago, rebounded last week.

However, the local currency began a move southward this week, a situation that has unsettled economic managers and stakeholders in the oil and gas sector.

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