NNPC Increases Fuel Price From N539, See New Petrol Pump Price

NNPC has increased fuel price from N539 with a new Petrol Pump Price set.

Newsone reports that Petrol Pump Price rose to N617 per litre at various outlets of the Nigerian National Petroleum Company Limited (NNPCL) in Abuja, Nigeria’s capital on Tuesday, July 18, 2023.

This online news platform understands that the new Petrol Pump Price comes months after the oil company approved an upward review in the pump price of petroleum nationwide.

Newsone Nigeria recalls that Nigeria’s President Bola Tinubu in his inaugural address on 29 May 2023, announced the removal of fuel subsidy. The President had said the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.

“The fuel subsidy is gone,” Tinubu declared in his inaugural speech at Eagles Square on Monday after he was sworn in as Nigeria’s 16th President.

Following the announcement, the Nigerian National Petroleum Company Limited (NNPCL) directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price below N200.

The hike immediately triggered an increase in transportation fares and prices of goods and services by various percentages.

On Tuesday morning, July 18, NNPCL outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petroleum to N617.

The National President of the Independent Petroleum Association of Nigeria (IPMAN), Elder Chinedu Okoronkwo, confirmed the development in an interview on Tuesday, saying that fuel prices will continue fluctuating depending on market forces.

“That is the regime we are in with removing fuel subsidies. The prices will continue to fluctuate based on market forces and the changes in Dollar in the foreign exchange market. That is why we are pushing for an alternative to fuel”, he stated.