Fuel prices up by 5%

The National Petroleum Authority (NPA) has announced a five per cent increase in fuel prices which takes effect on Saturday.

The increases follow hikes in crude oil prices in the world market which hovers around $80 per barrel.

Media reports had speculated the price hikes but hinted government was going to absorb the increases.

However after a meeting between stakeholders on Friday the decision was taken to pass on the marginal price hikes to consumers.

The new increases have thus been communicated to the Oil Marketing Companies or OMCs.

Already, there appears to be an artificial shortage of the commodity as fuel stations are alleged to be hoarding the commodity for purposes of making more profit.

Source:
Myjoyonline

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