NNPC increases petrol price to ₦617

Petroleum pump price rose to N617 per litre at various outlets of the Nigerian National Petroleum Company Limited (NNPCL) in Abuja on Tuesday.

The development comes months after the oil company approved an upward review in the pump price of petroleum nationwide.

President Bola Tinubu had, in his inaugural address on 29 May, announced the removal of fuel subsidy.

Following the announcement, the Nigerian National Petroleum Company Limited (NNPCL) directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price below N200.

The hike immediately triggered an increase in transportation fares and prices of goods and services by various percentages.