April 16, 2024

 NNPCL mega stations jerk pump price up to N617 per litre, as fuel subsidy removal bites harder

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Oredola Adeola

Nigerians woke up on Tuesday morning to discover that the Nigerian National Petroleum Company Limited (NNPCL) mega retail outlets and some filling stations across the country have adjusted their pump price from N488 to between N568 and N617 per litre, indicating a potential increase in the pump price.


Our correspondent visited some filling stations and NNPC mega stations in Ikoyi and parts of Victoria Island and found that the pump price on Tuesday morning is between N568 and N617 per litre. 


EnergyDay also gathered that the fuel price in Abuja and environs has been adjusted from N539 to N617 per litre, in NNPC stations. 

This development is coming on the sideline of the kickoff of fuel importations by the independent and major oil marketers as the NNPC reduces its share of importations.
 There are speculations that the pump price is likely to finally settle at N700 per litre across the country due to the foreign exchange rate used by marketers to complete the transaction of fuel importation.


This development has sparked mixed reactions and concerns among motorists regarding the affordability and availability of fuel in the country.


The NNPC has not yet issued an official statement to support this latest development, leaving motorists and the public in a state of uncertainty.


Garba Deen Mohammed, NNPC’s Group General Manager, Public Affairs Unit, was unavailable to provide further clarification on the matter.


Motorists who expressed their displeasure over the sudden increase are questioning the reasons behind such a drastic adjustment and how it will impact their daily lives.


The increase comes almost three months after the NNPCL approved an upward review in the pump price of petroleum nationwide, citing the need to align with market dynamics and current market realities.


As the situation unfolds and with the adjustment in pump price starting with Lagos State, Nigerians are anxiously awaiting further updates from the NNPCL, petroleum product marketers and the government in view of the implications for the economy and daily life.