The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of premium motor spirit (PMS) to N955 per litre from N890. This price adjustment has been implemented across NNPCL retail outlets in Abuja, Kogi, and Nasarawa states.
Details of the Price Increase
- *New Price*: N955 per litre
- *Old Price*: N890 per litre
- *Price Difference*: N65 per litre
Reasons for the Price Hike
The price increase follows an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre from N820. Independent petroleum product marketers and filling station owners in Abuja had earlier increased petrol pump prices to between N950 and N971 per litre.
Impact on Citizens
The fuel price hike is likely to have a significant impact on citizens, particularly in terms of transportation costs and the prices of goods and services. As the situation continues to unfold, Nigerians will be closely watching for further developments and potential consequences [1].
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