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NNPCL increases fuel pump price to N617 per litre

The price of Premium Motor Spirit popularly known as fuel has risen to about N617 per litre as the controversy and the hard effects of subsidy removal by the Nigerian government continue to hit Nigerians.

A visit to a Nigerian National Petroleum Company Limited (NNPCL) mega filling station in the Central area of Abuja on Tuesday confirmed that the fuel price had been adjusted from N539 to N617 per litre.

Also, a customer who confirmed the development to Daily Trust, and was quoted as saying, “It is true, I just bought at N617 per litre,”

However, the NNPCL has not stated the reason for the current fuel price upward review but it is believed that the increase is reportedly not unconnected to the recent projections by oil marketers that fuel price will hit N700 per litre soon.
But the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NDMPRA) has not commented on the development at the time of filing this report.

This is coming amid steady rise of inflation rate in the country with headline inflation maintaining a progressive increase rising to 22.79% in June 2023 from the 22.41% recorded in May 2023.

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