Fuel stations adjust petrol pump price to N617 in Abuja, N565 in Lagos

Oil marketers, on Tuesday, increased the pump price of petrol at retail outlets to N617 per litre in Abuja and N565 per litre in Lagos. 

TheCable observed that the product’s new cost differed significantly from the previous pump price of N537 per litre in the federal capital territory (FCT).

At Emadeb filling station in Mabushi, the price of the product rose to N617 per litre.

A fuel attendant at Emadeb told TheCable that she was not aware of the increase until “few minutes ago when they changed the price on my meter”.

Meanwhile, in Lagos, the price of the product oscillated from one location to the next. Petrol sold at N488 per litre at the NNPC retail outlet in Ejigbo.

However, the NNPC outlet at Apple junction, Amuwo Odofin, is currently dispensing at N568 per litre.

At TotalEnergies filling station in Alakija, petrol sold for N565 per litre — up from the previous price of N500 per litre.

At Peridot filling station, along Festac link road, the price of the product increased from N500 per litre to N565 a litre.

The development comes few months after the complete deregulation of the downstream petroleum sector.

Deregulation is the elimination or removal of government controls over a sector, allowing market forces to determine the prices of products.

On May 29, President Bola Tinubu announced that “petrol subsidy is gone” — a pronouncement which immediately led to a hike in the pump price of the product across the country.

Subsequently, the Nigerian National Petroleum Company Limited (NNPCL) increased the price of petrol at its retail outlets.

TheCable had reported that transport costs soared by over 100 percent in the wake of the president’s inaugural speech.