NNPCL increases petrol pump price to N617

Federal Government owned NNPC Limited on Tuesday morning jerked up its petrol pump price to N617 per litre from N537 in Abuja.

The national oil company has not given any reason for the latest price increase following the deregulation of the downstream sector of the Nigerian oil and gas industry.

With NNPC Limited taking the lead, most marketers which opened earlier dispensing at the old hurriedly shut their stations to adjust their pumps to the new price.

President Bola Tinubu had on May 29, during his inauguration speech said there was no budget to continue the payment of subsidies on petrol.

The pronouncements led to the hike in petrol price from N195 per litre to N537.


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