NNPC Limited, a government-owned entity, has unexpectedly raised the petrol price at the pump in Abuja. The new price is N617 per litre, a significant increase from the previous N537. This sudden surge comes after the deregulation of the downstream sector of the Nigerian oil and gas industry, with no official explanation provided by the national oil company.
In response to NNPC Limited’s action, many other fuel marketers swiftly closed their stations to recalibrate their pumps and align with the new pricing structure. This move indicates a potential domino effect on petrol prices across the nation.
During his inauguration speech on May 29, President Bola Tinubu stated that there was no allocation in the budget for continuing subsidies on petrol. Consequently, this statement caused the initial spike in petrol prices, skyrocketing from N195 to N537 per litre.
As the nation awaits an official statement from NNPC Limited regarding the sudden price increase, consumers and industry stakeholders remain uncertain about the future trajectory of petrol prices in Nigeria.