Nigeria: NNPC Raises Petrol Price to Between N488-N557 After Subsidy Removal

31 May 2023
This Day (Lagos)
By Emmanuel Addeh

Abuja — The Nigerian National Petroleum Company Limited (NNPC) has adjusted the pump price of petrol by nearly 200% to between N488 and N557 nationwide.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was 'gone'.

However, THISDAY learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

In a schedule seen by THISDAY detailing the new rates, prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria's subsidy budget of N3.6 trillion for this year, expires in June, 2023.

Details later...

Read the original article on This Day.

Tagged:
Copyright © 2023 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.