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Depot owners increase fuel prices again

Depot owners have raised the ex-depot price of Premium Motor Spirit, PMS, popularly known as petrol, for the second time in less than a week.

A market survey by PetroleumpriceNG showed that several depots raised their prices to between N1,300 and N1,310 per litre from between N1,265 and N1,275 per litre.

Matrix Warri, Calabar and Optima depots have adjusted their petrol prices upward to N1,300, N1,310 and N1,305 per litre, respectively.

This means that depot owners raised their petrol prices by between N25 and N35 per litre.

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DAILY POST reports that the majority of depot owners had earlier hiked their petrol prices to between N1,265 and N1,275 per litre after Dangote Refinery increased its gantry price to N1,265 per litre.

At the time of reporting, the retail price of petrol stood between N1,310 and N1,350 per litre across filling stations in Abuja.

The Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria, in separate interviews with DAILY POST, called on the Federal Government to intervene in the latest fuel price hike.