Just weeks after Bola Tinubu, the presidential candidate of the All Progressives Congress (APC), announced a proposed fuel price of N1,350 per litre, many Nigerians are curious about the current prices. As of the publication of this article, there has been no official update from the Petroleum Products Pricing Regulatory Agency (PPPRA) or the Nigerian National Petroleum Corporation (NNPC) on any changes to the pump price of petrol.
Tinubu made the announcement during a campaign rally in Bauchi State on October 16, stating that if elected, he would abolish the subsidy regime and allow market forces to determine fuel prices. However, he did not specify when the new price would take effect.
According to Daily Post Nigeria, the current pump price of petrol remains at N165 per litre, the price set by the PPPRA for the month of October. The NNPC has not said when the facility began operating the new price regime.
The proposed new fuel price has sparked mixed reactions among Nigerians, with some expressing support for the move towards market determination of fuel prices, while others have expressed concerns about the potential impact on the economy and the cost of living for ordinary citizens.
In a statement, the PPPRA said it will continue to monitor the market and make necessary adjustments to ensure a stable supply of petroleum products.
According to Premium Times, the PPPRA has been criticized in the past for its inconsistent pricing policies and inability to predict fuel price fluctuations.
This story matters to Nigerians because fuel price is a major factor in the cost of living, affecting everything from transportation to the price of food and other goods.
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