The price of Petrol has increased to about N617 per litre, Newspot reports.
A visit by Newspot to an NNPC filling station along the Kubwa expressway, Abuja, confirmed that the fuel price has now been adjusted from N539 to N617 per litre.
The development comes amid speculation of an upward review of fuel pump prices nationwide.
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NDMPRA) is yet to comment on enquiry by Newspot as of the time of filing this report.
Recall that on the removal of fuel subsidy in June by President Bola Ahmed Tinubu’s government, the product had skyrocketed from N190 per litre to over N500 per litre.
Speaking with Newspot 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.
