Petrol price jumps to N617 per liter
By Patience Ikpeme
The pump price of Premium Motor Spirit (PMS), otherwise known as Petrol, has increased to N617 per litre from hitherto sold price of N539 per liter.
The Nigerian National Petroleum Limited NNPL’ retail outlets in the Federal capital Territory (FCT ), Lagos and Port- Harcourt have adjusted to the new dispensing price .
As news of new selling price filtered around, petrol outlets own by independent oil marketers followed suite. As of the time of filling this report, all available fuel stations in and around Abuja metropolis with stock to sell adjusted their pump price to N617 per liter.
The reason behind the increase in the petrol price has yet to be ascertained as of the time of filing this report.
Before now, Independent Petroleum Marketers Association of Nigeria (IPMAN) denied the alleged plan by the association to increase the pump price of petrol to N700 per litre nationwide.
IPMAN urged Nigerians to disregard the speculation and not to engage in panic buying, stressing that the price of the product would not be increased.
It would be recalled that President Bola Tinubu announced the removal of subsidy on petrol on May 29, 2023, when he took his oath of office as Nigeria’s President, saying there was no allocation for it in the 2023 budget beyond June.
Shortly afterwards, the Nigeria National Petroleum Company Limited announced the adjustment of pump price where NNPCL filling stations were selling fuel at N537 while others were selling from N540 and above.
