Tuesday, November 5, 2024

NNPC increases price of petrol to N617

The Nigerian National Petroleum Corporation has increased the price of petrol from N537 to N617.

Multiple NNPC fuel stations in Abuja sold the product at the new rate on Tuesday, Pluboard confirmed.

A spokesperson for the state-owned company did not immediately provide reasons for the increase.

It is the second increase of petrol pump price since President Bola Tinubu took office on May 29 and scrapped petrol subsidy that helped put the price at N185 a litre.

The removal of subsidy pushed the price of petrol, widely used to power offices, homes and cars in Nigeria, up by nearly 200%.

On Monday, the National Bureau of Statistics said Nigeria recorded its highest monthly inflation rate in seven years in June, following subsidy removal and the devaluation of naira.

Prices of goods and services rose 2.1% in June compared to May, the most since May 2016.

Annual inflation accelerated 22.8% from 22.4% in May – the highest in 17 years. Food inflation was 25.25% from 24.82% in May.


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