The Nigerian National Petroleum Company Limited (NNPCL) has further jerked up pump prices of Petrol, known as Premium Motor Spirit (PMS) from 537 to 617 naira Per Litre.
On Tuesday morning in response to the new price, NNPC filling stations in Abuja witnessed brief queues, particularly the one located along Murtala Mohammed Express road, Kado remained shut for some few hours as the Petrol attendants has to adjust their fuel pumps to reflect the new price of 617 naira.
In Akute, Ogun State, the pump price was adjusted to N568 at the NNPCL outlet as motorists scrambled to get fuel.
Speaking with the media in an interview on Tuesday, the National President of the Independent Petroleum Association of Nigeria (IPMAN), Elder Chinedu Okoronkwo, confirmed the development.
According to him, fuel prices will continue fluctuating depending on market forces.
“That is the regime we are in with removing fuel subsidies. The prices will continue to fluctuate based on market forces and the changes in Dollar in the foreign exchange market. That is why we are pushing for an alternative to fuel”, he stated.
In May a day after President Tinubu was sworn into Power the Nation’s Apex 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.
