NNPC increases petrol price again; third time in 60 days

The Nigerian National Petroleum Company (NNPC) Limited on Tuesday, increased the pump price of petrol from N998 to N1,025 per litre in Lagos and environs.

In Abuja, the price of the product rose to N1,060 from N1,030. The latest increase is the third in three months, amid worsening cost of living crisis.
In Lagos, filling stations immediately adjusted their prices to reflect the new rate, while motorists were seen rushing to some outlets yet to adjust prices to buy the product

NNPCL had earlier this month, hiked pump prices from N897 per litre to N1,030 per litre following the deregulation of petrol pricing by the Federal Government.

Checks around the central area of Abuja on Tuesday night showed that most major marketers which had opened during the day, shut their gates as they began the process of adjusting their metres.

Spokesman of the NNPCL, Olufemi Soneye, could not be reached for comments last night but it was gathered that the price adjustment was based on market forces, following the deregulation of the downstream sector.