The Nigerian National Petroleum Corporation Limited (NNPC) has increased its fuel pump to N617 per litre in Abuja, which in turn, has led to an increase of N565 per litre in Lagos, N600 per litre in Port Harcourt, and N568 in Ogun State.
In June, the NNPC announced an increase in the price of fuel per litre due to the removal of fuel subsidy, which made the price shift from its previous N189 per litre, to N488-N537 per litre across different states. This in turn made other independent outlets to increase their fuel pump price to accommodate the subsidy removal. However, it was reported that there was a sudden increase in the petrol pump price in outlets across Abuja from the former N539 per litre to N617 per litre in Abuja.
After the increase in price in the Abuja outlets, several other independent outlets increased their fuel pump price. At Emadeb filling station in Mabushi, the price of the product rose to N617 per litre as well. A fuel attendant said she was unaware of the price increase until “few minutes ago when they changed the price on my meter”.
It was also reported that the pump price at the NNPCL outlet in Port Harcourt, Rivers State, was increased to N600 per litre, while the NNPCL outlet in Akute, Ogun State, was increased as well to N568 naira per litre.
While the pump price in the Lagos NNPCL outlets remain unchanged, TotalEnergies filling station in Alakija, sold petrol for N565 per litre, a N65 increase from its former price of N500 per litre. Also, Peridot filling station, along Festac link road, increased their fuel pump price to N565 per litre as well.
The change occurs a few months after the downstream petroleum business was completely deregulated, that is, the process of removing governmental restrictions from a market, enabling market forces to set product pricing.
It is said that as the fuel prices are no longer fixed, it will continue to change based on the market forces and the changes in Dollar in the foreign exchange market.
Ozioma SNigerianamuel-Ugwuezi
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