Photo caption: Petrol sale
By Emeka Ugwuanyi
Management of the Nigerian National Petroleum Company Limited (NNPC Ltd) has directed all its retail outlets to adjust their pump prices to the new price template which will be made public soon. The new price for Lagos is N998 per litre while Abuja is N1,030 per litre. The Business Intelligence Africa (TBI Africa magazine gathered that full price list will be published soon by the national oil company for the Nigerian public.
Our reporter, who went round some NNPC retail outlets in Lagos including the ones at Gbagada, Ogunnusi Road, Ikorodu Road and others on the mainland, confirmed that those selling had adjusted prices on their price display boards to the current N998 per litre price.
The price increase by the NNPC had been in public space in the past two weeks when one of Nigeria’s renowned economist and analyst revealed that on a national television. The economist went further to inform Nigerians to brace up for a higher inflation between November and December, 2024, which he said will begin to recede from January 2025.
Meanwhile, further petrol price increase/s should be expected as NNPC Limited begins to withdraw as sole importer and off-taker of Dangote petrol. This signals the enthronement of a free market for the Nigerian downstream subsector of the petroleum industry.
