At several gas stations run by the Nigerian National Petroleum Company Limited in Abuja, the price of Premium Motor Spirit, also known as gasoline, was increased from N537 to N617 per liter on Tuesday.

Independent oil marketers attested to the rise in the cost of the good since they claimed that any change in price by NNPCL stations was a sign that the pump price of PMS had increased.

“This is because NNPCL is still the major importer of petrol into Nigeria currently, though other marketers are gradually importing the commodity. The price this (Tuesday) morning at some NNPCL stations is N617/litre,” the Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, told our correspondent.

Following President Bola Tinubu's announcement on May 29 that petrol subsidies had ended, the price of the commodity surged from N198/litre to over N500/litre on May 30, 2023.

Since the removal of petrol subsidies and the floating of the naira against the dollar, marketers have warned that the cost of Premium Motor Spirit (PMS) could potentially reach as high as N700/litre.

Moreover, the increase in the global crude oil prices has also contributed to the further hike in petrol prices, given that crude oil is the raw material from which PMS and other refined petroleum products are derived.

In Abuja, on Tuesday morning, motorists flocked to filling stations that were still selling petrol at N540/litre.

However, with the news of the price hike by NNPCL stations spreading, many independent outlets either closed their stations or promptly adjusted their fuel pumps to reflect the new price.

As of now, there has been no official statement from the NNPCL or the downstream oil sector regulator regarding this development.