NNPC Raises Fuel Price From N539: What is the New Petrol Pump Price?
- The Nigerian National Petroleum Company Limited (NNPCL) has raised the petrol price from N539 to N6XX per litre.
- This change in price comes after the President of Nigeria, Bola Tinubu, announced the removal of fuel subsidies.
- The new price has led to increases in transportation costs and the prices of goods and services.
The New Petrol Pump Price
The Nigerian National Petroleum Company Limited (NNPCL), Nigeria’s top oil company, has announced a new price for petrol.
The price has gone up from N539 to N617 for each litre.
This change happened on Tuesday, July 18, 2023, at NNPCL’s outlets in Abuja, Nigeria’s capital city.
Earlier Price Changes
This isn’t the first time the petrol price has gone up in recent months.
Earlier, the oil company agreed to change the petrol pump price across the country.
The new price comes after several months of discussion and planning.
Removal of Fuel Subsidy
Nigeria’s President, Bola Tinubu, spoke about this issue when he started his job on May 29, 2023.
During his first speech as President at Eagles Square, he shared that the country would no longer give money to help keep fuel prices low.
He said that the budget for 2023 did not have any money set aside for this purpose.
Following the President’s statement, NNPCL told its outlets around the country to sell petrol for between N480 and N570 per litre.
This price was nearly 200 percent higher than the old price, which was less than N200.