The Nigerian National Petroleum Company Limited (NNPC) has adjusted the pump price of petrol by nearly 200% to between N488 and N557 nationwide.
The adjustment came shortly after President Bola Tinubu announced during his inaugural address on Monday that fuel subsidy was ‘gone.’
The new rates have been adjusted upward from N189 to N194 to N537 per liter in Abuja and other North-central States.
For Lagos and other South-west states, a liter of fuel now sells between N488 and N500 per liter.
In the South-east, the price will range from N515 to N520, while in the North-west, the product price was raised to N540. In the northeast, it moved from N199 to N557 per liter.
For the South-south, it is now from N511 to N525 per liter. Nigeria’s subsidy budget of N3.6 trillion for this year expires in June 2023.
More details later