By Marvellous Nyang
The pump price of Premium Motor Spirit popularly called petrol has been increased to its peak at N617 per litre from N537 at various outlets of the Nigerian National Petroleum Company Limited (NNPCL), on Tuesday, July 18, 2023.
This is a followup to the earlier upward review of the product price across the country to its initial peak at N570 from N195.
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The NNPCL, had, a day after President Bola Tinubu in his inaugural address on 29 May, 2023, announced the removal of fuel subsidy, directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price.
The ripple effect of the hike was an immediately increase in transportation fares and prices of goods and services by various percentages, causing general inflation nationwide.
