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CSOs support the N617 petrol price and call for calm.

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On Thursday, a coalition of Civil Society Organisations (CSOs) voiced support for the recent increase in the price of Premium Motor Spirit (PMS) across the nation.

The coalition said that the current increase is the result of market forces caused by currency volatility.

According to the News Agency of Nigeria (NAN), major marketers and members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have begun selling petrol at N617 a litre, up from N540 before. The civil society organisations urged Nigerians to be patient with the government in light of the hardship created by the recent increase.

The coalition promised that the new development will secure gasoline supply at filling stations while also putting an end to the actions of smugglers from nearby nations.

“The cost of pump price in other African countries remains higher, which is responsible for PMS smuggling to those countries.”

Apart from palliative measures put in place by the government to alleviate the pain caused by the increase, the coalition advocated for full deregulation of the mainline and downstream industries.

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According to the report, full deregulation will shatter the monopoly of gasoline importation and finally ensure that Nigeria’s domestic refineries operate properly.

The CSOs praised the availability of fuel around the country and the removal of early bottlenecks caused by panic buying, promising that the current price will continue to fall on its own.

(NAN)

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