NNPC increases fuel price to N617 per litre 

PLACE YOUR ADVERT HERE

National Petroleum Company (NNPC) Limited has on Tuesday morning instructed all marketers to adjust retail prices for the Premium Motor Spirit, popularly called petrol, from N537/litre to N617 per litre.

The Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, said: “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/litre.”

Recall that President Tinubu had during his inaugural address on May 29, announced that fuel subsidy is gone, a development that led to the jump in the price of the commodity acrose the country from N198/litre to over N500/litre on May 30, 2023.

The Independent oil marketers also 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.

Mike Osatuyi, national operations controller, of the Independent Petroleum Marketers Association of Nigeria (IPMAN) had earlier said: “If you want to order now for a truck, you will have like N21.8 million, we are going to increase it more than N500 because if I buy at N480/N495, what price will I sell?”

A customer who spoke with Wakadaily confirmed the new price.

He said: I just bought fuel now for N617 per litre, honestly this is not funny.”

PLACE YOUR ADVERT HERE
Queen Ferry
Queen Ferry
Chinyere Treasure Ikechukwu also known as Queen Ferry, is a Nigerian business Executive, social media savvy Journalist and Content Editor with over seven years experience. She serves as the Vice-Chairman of Naijatraffic Limited. If Treasure is not researching/blogging, she will be making delicious delicacy.

Popular Related

NECA to train youths in ICT

Mr Adewale-Smatt Oyerinde, the Director General of the Nigeria Employers’ Consultative Association, says Nigerians Employer's Consultative Association are set to train 35 youth through...

SEC to unveil plans for capital market

The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama is set to outline the vision for the Nigerian capital market at...

Apapa Customs generate N1.2tn revenue in seven months – NCS

The Apapa Port Command of the Nigeria Customs Service has achieved a remarkable feat, generating N1.2 trillion in revenue between January and July 2024. In...

NEPC, Customs engage stakeholders on cross-border tra

The Nigerian Export Promotion Council (NEPC) in partnership with the Nigerian Customs Service (NCS) have concluded a stakeholders’ engagement focused on mainstreaming informal cross-border...

Food prices will crash soon, FG declares

The Federal Government officially unveiled that high food prices currently burdening the nation would soon crash based on its commitment to ensure food security...

Barge operators tell FG to take trucks off ports road

Due to the damage of road infrastructure, the Barge Operators Association of Nigeria has called the Federal Government to limit the number of trucks...

FG suspends mining activities at OAU, environs

Dr Dele Alake, the Minister of Solid Minerals Development, has directed an indefinite suspension of mining activities at the Obafemi Awolowo University, Obafemi Awolowo...

Government credit increases by 2% to N19.98 trillion

Government credit increased by 2.0 percent month-on-month (MoM) to N19.98 trillion in April, up from N19.58 trillion in March, according to the Central Bank...

Dangote, Elumelu, governors make Tinubu’s economic advisory panel

President Bola Tinubu has established an economic advisory committee comprising sub- national, the private sector and the Federal government. This was made known on Sunday...

SMEs critical for sustainable development – Lagos commissioner

Abayomi Oluyomi, the Commissioner of Finance, Lagos State, has described small and medium enterprises as a engine for development in any economy. He disclosed this...