NNPC has increased fuel price from N539 with a new Petrol Pump Price set.
According to a report by GoldenNewsNg, the price of petrol at various outlets of the Nigerian National Petroleum Company Limited (NNPCL) in Abuja, Nigeria’s capital, rose to N617 per litre on Tuesday, July 18, 2023.
This increase in petrol pump price comes several months after the oil company approved a revision in the pump price of petroleum products nationwide.
It is worth mentioning that Nigeria’s President, Bola Tinubu, announced the removal of fuel subsidy in his inaugural address on May 29, 2023. President Tinubu stated that the 2023 Budget did not allocate any funds for fuel subsidy, and the payment of subsidies can no longer be justified.
“The fuel subsidy is no longer in effect,” declared President Tinubu during his inauguration speech at Eagles Square on Monday, following his swearing-in as Nigeria’s 16th President.
As a result of this announcement, the Nigerian National Petroleum Company Limited (NNPCL) instructed its outlets across the country to sell fuel at prices ranging from N480 to N570 per litre, which represents an almost 200 percent increase compared to the previous price below N200.
This price hike immediately led to an increase in transportation fares and the prices of goods and services by varying percentages.
On the morning of Tuesday, July 18, NNPCL outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petroleum to N617.
Confirming this development in an interview on Tuesday, Elder Chinedu Okoronkwo, the National President of the Independent Petroleum Association of Nigeria (IPMAN), stated that fuel prices will continue to fluctuate based on market forces.
“We are currently operating in a regime without fuel subsidies. Prices will continue to fluctuate based on market forces and changes in the foreign exchange market. This is why we are advocating for an alternative to fuel,” he explained.
