NNPC Increases Fuel Price

The Nigerian National Petroleum Corporation (NNPC) has increased the pump price of petrol at its retail outlets by N4 from N141 to N145 per litre.

Though the new N145 price remains within the maximum price cap fixed by the federal government in May, this is the first time fuel at NNPC’s outlets will be sold at that price.

It is not clear if the new price will affect other retail outlets especially at a time when the oil marketers are pushing for another hike in fuel price due to the cost of importation and scarcity of forex.

Before now, prices have been hovering between N143 and N141 per litre at NNPC and affiliate stations in major cities and even less at stations in the hinterlands. DailyTrust reports that prices have been N141 in last few months until Tuesday when it was raised to N145.

In Kano and Lagos, correspondents report that the price of fuel has hit N145 per litre at NNPC Mega stations.

Spokesman for the NNPC Garba Deen Muhammad said there was no rule that compels any marketer including the NNPC to sell at a particular price.

“A price regime was introduced between N135 and N145. So, you can sell anywhere within that range. What you are seeing is interplay of market forces."