The Nigerian National Petroleum Limited (NNPCL) has increased the petrol price to N992 per litre from N865 per litre, without providing an official reason for the increment.
According to reports, attendants at NNPC retail outlets were seen adjusting their pumps to reflect the new price.
However, checks at Ibafo along the Lagos/Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters. Most NNPC stations were not dispensing fuel.
This recent price hike is not an isolated incident, as petrol prices have been fluctuating in Nigeria due to various market dynamics.
The NNPC had previously increased petrol prices to N950 per litre in Lagos and N992.22 in Abuja, citing the cost of loading products from the Dangote Refinery.
The national oil company clarified that petrol prices are not set by the government but are determined through negotiations, in line with the Petroleum Industry Act (PIA).
The price increase has sparked concerns about the impact on transportation and living costs in Nigeria. With the continuous rise in fuel prices, many Nigerians fear further economic strain.
The NNPC’s decision to adjust prices follows reports of a potential price hike due to its withdrawal as an intermediary in the Dangote Refinery purchase deal.
