The price of Petrol has reportedly increased to about N617 per litre.
A visit to an NNPC filling station in the Central area of Abuja by Dailytrust confirmed that the fuel price has now been adjusted from N539 to N617 per litre.
Another Customer who confirmed this development to the publication simply said “It is true, I just bought at N617 per liter,”
The immediate reason could not be ascertained but it is not unconnected to the recent projections by oil marketers that fuel price will hit N700 per litre soon.
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NDMPRA) is yet to comment to Daily Trust enquiry as at the time of filling this report.
Recall that in May a day after President Tinubu was sworn into Power the Nation’s Apex Petrol station increased the fuel price from N195 per litre to 537 per litre.
The development was occasioned by Tinubu’s inaugural speech, where he said fuel subsidies would be removed.
On Tuesday morning in response to the new price, NNPC filling stations in Abuja witnessed brief queues, particularly the one located along Murtala Mohammed Express road, Kado remained shut for some few hours as the Petrol attendants has to adjust their fuel pumps to reflect the new price of 617 naira.
In the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone. According to the Federal Government the country will save close to N6.7 trillion if fuel subsidies payment is discontinued.
Nigeria has spent N13.7 trillion on fuel subsidy in the last 13 years, according to Nigeria Extractive Industries Transparency Initiative.
Daily Trust
