Stephen Ukandu,Umuahia
The pump price of Premium Motor Spirit (PMS), has been jacked up from N500 to N617 per litre by the Nigerian National Petroleum Company Limited.
This led to the immediate adjustment of petrol pump price nationwide according to reports.
Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, who confirmed the increase in the pump price of petrol, said the marketers adjusted their meters due to the new price.
He said that any shift in price by NNPCL stations was an indication of a rise in the pump price of PMS.
“This is because NNPCL is still the major importer of petrol into Nigeria currently, though other marketers are gradually importing the commodity. The price this (Tuesday) morning at some NNPCL stations is N617/litre.”
President Bola Tinubu had during his inaugural address on May 29, announced the end of subsidy regime.
As a consequence, petrol which previously sold for N198/litre jumped to over N500/litre.
This was greeted by nationwide outrage and rise in inflation rate.
