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On Tuesday, the petroleum pump price soared to N617 per litre at different outlets of the Nigerian National Petroleum Company Limited (NNPCL) in Abuja.
The development follows a nationwide approval by the oil company for an upward review in the pump price of petroleum, coming after several months.
In his inaugural address on May 29, President Bola Tinubu declared the elimination of fuel subsidy.
In the wake of the announcement, the Nigerian National Petroleum Company Limited (NNPCL) issued a directive to its outlets nationwide, instructing them to sell fuel at prices ranging from N480 to N570 per litre, marking an alarming almost 200 per cent increase from the initial price, which was below N200.
As a direct consequence, transportation fares and prices of goods and services saw immediate hikes across various percentages.
On Tuesday morning, our correspondent observed that NNPCL outlets in some part of the Federal Capital Territory, made an adjustment to the pump price of petroleum, setting it at N617 per litre.
In Ughelli, Delta State, journalist Grandball Choice posted on his Facebook account that he purchased fuel at a rate of 700 per litre.
“I just bought fuel for N700 now in Ughelli”
