NNPC Raises Petrol Pump Price to N617

The Nigerian National Petroleum Company Limited (NNPCL) has raised petrol price in Abuja from N537 to N617 per litre in all its filling stations.

However, with the new development, while rates are likely to be higher in the far north due to transportation costs, they are expected to be slightly lower in the south.

NNPCL service stations at the Central Area of Abuja, the NNPCL’s old price had been adjusted to the new one.

Private filling stations are also expected to follow suit in adjusting their prices in the coming hours.

Nigeria recently removed its subsidy on petrol, effectively leaving the market to the forces of demand and supply.

On Monday, the downstream regulator announced that over 50 companies had been licensed to import the product, thereby breaking NNPCL’s monopoly.

Details later…