Marketers of Premium Motor Spirit in what appeared to be an overnight planned coup have increased the pump price of the product to ₦617 per litre.
The Nigeria National Petroleum Company Limited (NNPCL) took the lead with all its retail stations dispensing at N617 per litre.
While some retail stations in the early hour of Tuesday sold at N540 per litre, they immediately shut down their operations to effect the new price.
Most stations in Abuja are already left under long queues despite the increase in price as marketers rush to effect the new price.
President Bola Tinubu had deregulated the downstream segment of the oil industry immediately after he assumed office as pump prices jumped from N185 to N550 per litre depending on the consumer’s city of residence.
While the masses struggle to accept the reality amid the floating of the Naira and rising inflation, they woke up this morning to an increment of N77 for those living in the Federal Capital Territory. The total pump price of the product was selling at around N77 per litre about 11 years ago.
