NNPC has approved an upward review in the pump price of petrol from N165 per litre to N179 per litre.
After the perennial fuel crisis that has recently plagued the country, the official price of petroleum has finally been raised.
The official price of petroleum in Nigeria is N165 per liter, but due to the recent fuel crisis in the country, the product was sold above the official price.
During the crisis, petroleum marketers had called on the federal government to increase the official price as filling stations across the country were already selling at more than the official price of N165 per liter.
Marketers argued that selling at N165 per liter was no longer sustainable.
As a result, on Tuesday, July 18, 2022, the federal government announced a new pricing regime.
As reported by the Guardian, the Nigerian National Petroleum Company (NNPC) Limited approved an increase in the price of petrol from N165 per liter to N179 per liter.
The official price was raised to N179 per liter in the southern part of the country, while Nigerians in the north will have to pay significantly more for a liter.
Daily Trust reports that a liter of gasoline will now cost N184 in the northwest and N189 in the northeast.
In Lagos and Abuja, the product sells for N169 and N174 per liter, respectively.
NNPC has also directed fuel dealers to change the price of petrol at pumps to the new price.