The pump price of petroleum has yet again skyrocketed as it increased from N537/litre to N617/liter in some filling stations in Nigeria.
The Nigeria National Petroleum Company Limited (NNPC) in Abuja on Tuesday was reported to have tagged its fuel price to the new amount of N617 per Litre.
The increase in the cost of the commodity was confirmed by the Independent oil marketers. as they stated that any shift in price by NNPCL stations was an indication of a rise in the pump price of PMS.
READ ALSO: We are not selling fuel N400: AA rano debunks news regarding their petrol price
Another subsidy removal
Recalling that President Bola Tinubu, in his inaugural address on May 29, made an announcement that marked the end of petrol subsidy. This major decision had caused a substantial increase in the price of petrol, soaring from N198 per litre to over N500 per litre on May 30, 2023.
Following the removal of petrol subsidy and the adoption of a floating exchange rate for the naira against the dollar, industry experts and marketers have consistently emphasized that the cost of Premium Motor Spirit (PMS) could potentially rise to as high as N700 per litre.
Furthermore, the escalating cost of crude oil on the global market has led to an additional increase in the price of petrol. This is due to the fact that petrol, along with other refined petroleum products like PMS, are derived from crude oil.
READ ALSO: Reno Omokri advises President Tinubu regarding the distribution of fuel subsidy palliatives
Netizens react to fuel car converted to gas by Nigerian man
Meanwhile, a Nigerian man decided to convert a car that uses fuel to depend on gas and as a result left many Nigerians worried about the dangers.
Recall that Ikejabrid reported that ever since the fuel subsidy, many Nigerian have been finding transportation very difficult.
In an exclusive interview that was done many bus drivers complained and many Nigerians cried out that the transportation fare was too much.
