The price per litre for premium motor spirit (PMS) otherwise known as petrol has increased.

A visit to the NNPCL Retail outlet in Jos, Abuja on Tuesday morning revealed that the price per litre has been adjusted from the N537 it sold on Monday to N617 naira on Tuesday morning.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday said oil marketers have commenced the importation of Premium Motor Spirit (petrol).

This comes seven full weeks after President Bola Tinubu’s May 29 inaugural address, during which he declared that “fuel subsidy is gone”.

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With this latest development, the monopoly of the Nigerian National Petroleum Company (NNPC) Limited comes to an end.

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, made the revelation on Monday during a stakeholder engagement in Lagos.

Of the 56 oil marketing companies that applied for and obtained licences, 10 indicated the ability to import in the third quarter of 2023, while three had “landed cargo”, the CEO said.

Ahmed listed the three companies currently importing the product to include, A.Y. Ashafa, Prudent Energy, and Emadeb, adding that others would import between August and September 2023.