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The Nigerian National Petroleum Corporation (NNPC) Limited has hiked the pump price of petrol to N1.030 per lite in Abuja and N991 per litre in Lagos.
This is the second time the NNPCL has reviewed upwards the price of petrol between September and October this year, thereby throwing Nigerians into more hardship, as transport costs across the country quickly shot up by over 20 percent.
Petrol, which sold for N885 per litre until today now sells at between N995 to N1000 per litre.
However, the product now sells for N1,030 instead of the previous N897 per litre.
Consequently, motorists we’re seen in long queues at many filling stations in Lagos and Abuja.
In Lagos, where fuel price increased from N885 per liter to over N998, long queues were observed at many stations.
At the NNPC stations in Gwagwalada, Wuse, and Lugbe, in Abuja, motorists queued up, waiting for the attendants to sell fuel to them.
The price increase was blamed on reports of a potential price increase owing to NNPCL’s withdrawal as an intermediary in the Dangote Refinery product.
Olufemi Soneye, NNPC spokesperson, was yet to react to the price increase.
It will be recalled that NNPC had said it would be buying petrol from Dangote Refinery at N898.78 per litre and selling to marketers at N765.99 per litre.
Between September 15 and 30, the NNPC lifted approximately 103 million liters of petrol from Dangote Refinery. During the period, the refinery managed to load 2,207 of the 3,621 trucks sent to it.
However, in the latest twist, NNPC indicated that it was no longer going ahead with the arrangements.
