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.”