The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump prices of Premium Motor Spirit (PMS) commonly known as petrol from 537 to 617 naira per litre.
The increment comes weeks after President Bola Tinubu announced that fuel subsidy has been removed after many years of a subsidy regime to cushion the effect on citizens.
The limited liability company had earlier increased the pump price from N195/litre to N537/litre. The new pump price is expected to add to the inflation and economic hardship in the Black most populous country in the world.
Chronicle NG reports that at least one NNPCL fuel station in Abuja, Nigeria’s capital has implemented the new pump price after queues briefly resurfaced to fuel stations.
The NNPCL along the Murtala Mohammed Express road, Kado remained shut for some hours as the petrol attendants adjusted their fuel pumps to reflect the new price.
Further findings by Chronicle NG revealed that the NNPCL fuel station in Ikoyi, Lagos sold petrol at N568/litre.
In reaction to the the petrol pump price increment, President Tinubu has called for a review of the N8,000 palliative proposed by his government to cushion the staggering effect of the subsidy removal.
