Breaking! Subsidy Gone As NNPC Increases Pump Price To N555 Per Litre

Nigerian National Petroleum Company Limited, NNPCL has increased fuel price to ₦555 per litre in compliance with fuel subsidy removal.

The change was officially effected on Wednesday morning following the declaration of President Bola Ahmed Tinubu during his inauguration speech on Monday.

The pump price is now ₦555 per litre at NNPC stations in Jos, Plateau State, northern Nigeria, according to a viral price list released on Twitter on Wednesday morning.

Checks in Lagos showed that Lagos NNPCL now retails fuel at N488 per litre at its station on Old Ota Road, Abule-Egba, Lagos while the NNPC Mega Station, Lagos Bus Stop, at Port Harcourt on Wednesday now sells for N511 per litre.

This change by the national oil company is providing clarity around prices after the removal of the controversial fuel subsidy which cost almost $10 billion annually. 

NNPC is the sole supplier of petrol in Nigeria today and it is now expected that other marketers will take a cue from the NNPC prices and adjust their own pump price.

Analysts say since NNPC has effected different pump prices for different cities, this may mean that not only has subsidy gone but also that the wasteful price equalization mechanism which ensured petrol had the same official price all over Nigeria is also gone.