The price of petrol in Nigeria has risen to N617/litre, an increase of 15% from the previous price of N537/litre. The rise in price was confirmed by independent oil marketers, who said that any shift in price by the Nigerian National Petroleum Company Limited (NNPC) stations was an indication of a rise in the pump price of petrol.
The rise in the price of petrol is due to a number of factors, including the increase in the cost of crude oil in the international market. Crude oil is the product from which petrol and other refined petroleum products are produced.
The increase in petrol price is likely to have a significant impact on Nigerians, as it will increase the cost of transportation and other essential goods and services. It is also likely to lead to inflation, as businesses pass on the higher cost of petrol to their customers.
In Abuja, on Tuesday morning, motorists besieged the filling stations that were still dispensing at N540/litre, but as the news of the hike in price by NNPC stations filtered in, many independent outlets had to lock their stations.
The government has said that it is working to reduce the cost of petrol, but it is unclear when these measures will take effect. In the meantime, Nigerians are facing a significant increase in the cost of living.
The rise in the price of petrol is the latest in a series of price increases in Nigeria. In recent months, the prices of food, electricity, and other essential goods and services have also risen.
The government has said that it is working to reduce the cost of living, but it is unclear when these measures will take effect.
The rise in the price of petrol is likely to have a significant impact on the poor and vulnerable, who are already struggling to make ends meet.
The government has been criticized for its handling of the economy, and the rise in the price of petrol is likely to add to the pressure on the government.