The Federal Government-owned NNPC Limited raised its fuel pump price in Abuja to N617 per litre on Tuesday morning, up from N537.
The national oil corporation has not stated any rationale for the current price rise, which comes after the deregulation of Nigeria’s downstream oil and gas business.
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With NNPC Limited taking the lead, most marketers which opened earlier dispensing at the old hurriedly shut their stations to adjust their pumps to the new price.
President Bola Tinubu had on May 29, during his inauguration speech said there was no budget to continue the payment of subsidies on petrol.
The pronouncements led to the hike in petrol price from N195 per litre to N537.