The long awaited price for petrol was effected by NNPC limited Wednesday morning providing clarity around prices post the removal of the controversial subsidy which cost almost $10bn annually.
The new development can be seen to take effect all over the country as pump price now sell for over 500 Naira.
Queue can be seen every where in the country as people struggle to buy fuel, while others are selling at the new price, some Mega stations are not selling at all with their gate closed.
NNPC is the sole supplier of petrol in Nigeria today and it is now expected that other marketers will take a queue from the NNPC prices and adjust their own pump price this morning.
Analysts say since NNPC has effected different pump prices for different cities, this may mean that not only has subsidy gone but also that the wasteful price equalization mechanism which ensured petrol had the same official price all over Nigeria was also gone.
It is unclear what FX exchange rate NNPC has used to arrive at its pump price but it could be around N600/$.
President Bola Tinubu who resumed at Aso Rock on Tuesday afternoon held a long meeting with the CEO of NNPC and CBN governor Godwin Emefiele on the vexed matters of fuel subsidy and the multiple foreign exchange rates.
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