President Bola Tinubu’s administration through the Nigerian National Petroleum Company Limited (NNPCL) has increased pump price of Premium Motor Spirit (PMS) also known as petrol.
The latest increment will see Nigerians in Lagos and Abuja buy petrol for N1,025 and N1,060 per litre respectively.
In October, petrol prices stood at N1030 in Abuja, N998 in Lagos in NNPCL filling stations, while other petrol stations sold for between N1, 150 and N1200 per litre.
NNPCL petrol stations displayed the reviewed price at their various stations in Lagos and Abuja on Tuesday.
This upward review is coming despite current scorching economic challenges capable of aggravating the burden of Nigerians scrambling with rising cost of living.
Meanwhile, this sudden increment comes barely one week after the federal government boasted that it has provided Nigerians with a workable solution to the increase in the fuel price.
According to the President, “motorists can buy petrol at N1,000 per litre or equivalent gas per Standard Cubic Meter at N200”.
A statement by the spokesman of the president, Chief Bayo Onanuga last Tuesday stated that Mr Tinubu’s belief is that investment in CNG will make Nigerians forget about the fuel price hikes.
The statement said Tinubu thanked the Nigerian Independent Petroleum Company (NIPCO) Plc for its prompt investment in the energy transition, saying the company’s investment aligns with his administration’s energy security and economic diversification strategy.
The statement reads, “He emphasised the importance of public-private partnerships in driving the transition to cleaner and more affordable energy solutions for Nigerians.
“The President lauded NIPCO’s efforts in promoting and supporting the “Switch to CNG” campaign, which has been instrumental in boosting public awareness and providing affordable CNG conversion kits even before the official kickoff of the Presidential CNG Initiative.
“He highlighted the significance of this initiative in reducing the nation’s reliance on petrol and cutting down fuel costs for consumers.
“CNG, being a cleaner and more affordable fuel, reduces the carbon footprint and saves consumers significant fuel costs.”
