Nigerians woke up to be greeted with a new pump price of Premium Motor Spirit popularly called petrol.

President Bola Tinubu had, in his inaugural address on 29 May, announced the removal of fuel subsidy.

Following the announcement, the Nigerian National Petroleum Company Limited (NNPCL) directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price below N200.

Petroleum pump price rose to N617 per litre at various outlets,the adjustments were spotted in some filling stations Abuja on Tuesday, July 17, 2023, and it is expected the new prices will be implemented across the country.


Punch reports that the decision by NNPCL to adjust its prices is an indication of a rise in the pump price of PMS. This is because NNPCL is still the major importer of petrol into Nigeria currently, though other marketers are gradually importing the commodity.

The national oil company has not given any reason for the latest price increase following the deregulation of the downstream sector of the Nigerian oil and gas industry.

But checks by Vanguard indicated that each operator is allowed to change price based on its cost elements, under the present deregulation.

It also showed that the dwindling value of the Naira has put pressure on fuel importers, including the NNPC Limited as well as major and independent marketers.

Meanwhile, checks by Vanguard indicated that many motorists and others have rushed to buy petrol as the price hike begins to spread to other cities, including Lagos and environs, where some filling stations have adjusted their pumps to over N600 per litre.

What will we not see in this Tinubu Regime 🙄Now what will we be expecting the Fuel price to be like in 5 months time😕

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May the increase in petrol price FAVOUR ME AND MY FAMILY.