Petroleum pump price rose from N537/litre to N617/litre at some filling stations operated by the Nigerian National Petroleum Company Limited in Abuja.
Independent oil marketers confirmed the increase in the cost of the commodity, as they stated that any shift in price by NNPCL stations was an indication of a rise in the pump price of PMS.
President Bola Tinubu had, in his inaugural address on May 29, announced that subsidy on petrol had ended.
Consequently, the price of petroleum increased from N198 per litre to over N500 per litre, almost 200 per cent increase from the initial price.
Similarly, the rise in the cost of crude oil in the international market has also triggered further hike in petrol price, as crude is the product from which PMS and other refined petroleum products are produced from.
In Abuja, on Tuesday morning, motorists besieged the filling stations that were still dispensing at N540/litre, but as the news of the hike in price by NNPCL stations filtered in, many independent outlets had to lock their stations.
Others immediately commenced the adjustment of their pumps to reflect the new price. The NNPCL and the downstream oil sector regulator had yet to make any statement on the development.
