Fuel subsidy removal: Pump stations begins sale of petrol at 617/litre

“This is because NNPCL is still the major importer of petrol into Nigeria currently, though other marketers are gradually importing the commodity. The price this (Tuesday) morning at some NNPCL stations is N617/litre,” the Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu said.

Recall that President Bola Tinubu had during his inaugural address on May 29, 2023, announced that subsidy on petrol had ended.

His announcement led to the jump in the price of petrol from N198/litre to over N500/litre on May 30, 2023.

Since the withdrawal of subsidy on petrol and the floating of the naira against the dollar, marketers had continued to explain that the cost of petrol could rise to as high as N700/litre.