NNPC Raises Petrol Price to Between N488-N557 After Subsidy Removal

Emmanuel Addeh in Abuja 

The Nigerian National Petroleum Company Limited (NNPC) has adjusted the pump price of petrol by nearly 200% to between N488 and N557 nationwide.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, THISDAY learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

In a schedule seen by THISDAY detailing the new rates, prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.

Details later…