Naija News: Fuel Price Hits N617 Per Litre

   

Naija News: Fuel Price Hits N617 Per Litre

Petroleum pump price rose to N617 per litre at various outlets of the Nigerian National Petroleum Company Limited (NNPCL) in Abuja on Tuesday.

The development comes months after the oil company approved an upward review in the pump price of petroleum nationwide.



Independent oil marketers confirmed the increase in the cost of the commodity, as they stated that any shift in price by NNPCL stations was an indication of a rise in the pump price of PMS.


“This is because NNPCL is still the major importer of petrol into Nigeria currently, though other marketers are gradually importing the commodity. The price this (Tuesday) morning at some NNPCL stations is N617 per litre,” the Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, told our correspondent.


Recall that President Bola Tinubu had during his inaugural address on May 29, announced that subsidy on petrol had ended, a development that led to the jump in the price of the commodity from N198 per litre to over N500 per litre on May 30, 2023.

Following the announcement, the Nigerian National Petroleum Company Limited (NNPCL) directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price below N200.

The hike immediately triggered an increase in transportation fares and prices of goods and services by various percentages.

In Akute, Ogun State, the pump price was adjusted to N568 per litre at the NNPCL outlet as motorists scrambled to get fuel.

A resident, James Arpashe, said: “I just bought fuel for N617 in the NNPC located at the central business area this morning.”
At several other outlets in Wuse area of the capital city, this newspaper confirmed that the pump price equally jumped to N617 as motorists and commuters grumble amid the uncertainty.

Similarly, the rise in the cost of crude oil in the international market has also triggered further hike in petrol price, as crude is the product from which PMS and other refined petroleum products are produced from.