The Nigerian National Petroleum Company Limited (NNPCL) has once again raised the price of Petrol, also known as Premium Motor Spirit (PMS), from N537 to N617.
As a result of this price adjustment, some filling stations in Abuja and Kano experienced minor queues on Tuesday morning.
NNPC filling stations were temporarily closed for a few hours to facilitate the necessary fuel pump adjustments reflecting the new price of N617 per litre.
One of the affected stations, located at Dei-Dei Junction, had already implemented the new pump price of N617 per litre. However, motorists were hesitant to purchase fuel at the increased rate, leading to a slower uptake initially.
In Kano, Daily Trust reports that some motorists who stopped to refuel at the NNPC Mega Station in Hotoro, Tarauni Local Government Area of Kano State, have driven out without doing so.
They had gone to the station with the thought of buying fuel at N540 per litre, but immediately they were informed of the upward review, they left.
One of the Staff of the station in Kano, who asked not to be named told Daily Trust that the increment took effect this morning and as you can see, customers have been leaving.
It is worth recalling that in May, a day after President Tinubu’s inauguration, the nation witnessed an increase in fuel prices at the Apex Petrol station from N195 per litre to N537 per litre.
This decision followed President Tinubu’s inaugural speech, where he mentioned the removal of fuel subsidies.
The recent price adjustment by the NNPC comes amidst ongoing discussions about fuel subsidies and the sustainability of the current pricing structure.
It would also be recalled that the latest CPI report released on Monday, by the National Bureau of Statistics (NBS), Nigeria’s annual inflation rate increased to 22.79% as at June, 2023.
The inflation rate showed a significant increase of 4.19% points compared to June 2022.
The increased inflation rate is linked to the sudden price hike from N480 to N570 per litre, a steep increase of nearly 200% compared to the initial price below N200, which immediately led to a rise in transportation fares and the cost of goods and services, with varying percentage increases.
