The Nigerian National Petroleum Company Limited (NNPCL) has recently announced the new fuel price, due to the adjustment in pump price of petrol.
This is the fourth time petrol price increase between May, 2023 and now when the fuel was increased, queues still in some fuel station in Abuja and Lagos.
One liter of petrol for NNPC fuel stations for Lagos is N1, 025 which was 27 naira increase from the former price of N998. For Abuja price is N1, 060 per liter which increase with N30 naira.
For other major petroleum marketers increase their own pump price.
The former petrol price in Nigeria was N197 per liter during President Muhammadu Bahari, until President Bola Ahmed Tinubu announce on May 29, 2023 that government cannot longer pay petrol subsidy again.
After the announcement marketers increase the petrol price to N540 within 24 hours. Later the fuel price start increasing day by day. Till now the price of petrol has not be stable in Nigeria.
Petrol is also sold in the black markets. The black market price of petrol is higher than the price it’s sold in the Filling stations. Petroleum prices across Nigeria are currently high.
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