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NNPC hikes petrol price, now sells for ₦617 per litre

The Nigerian National Petroleum Company Limited (NNPC) on Tuesday morning raised the pump price of petrol from N537 to N617 in Abuja and surrounding cities.

As a result of the adjustment, slight queues appeared at some filling stations including NNPC facilities. Many of the their stations in Abuja remained shut for some few hours for adjustment of fuel pumps to reflect the new price of N617.

At an NNPC station at Dei-Dei junction, staff had already adjusted its pump price to the new reality, but motorists were slow to start buying at the new pump price.

In May, a day after President Bola Tinubu was sworn in, NNPC petrol station increased the fuel price from N195 per litre to 537 per litre.

The development was occasioned by Tinubu’s inaugural speech, where he said fuel subsidies would be removed.

It is not clear why the recent increase has been effected, but prices of crude appear to have gone up a few dollars while, naira has depreciated against the dollar.

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