Saturday, November 2, 2024
Google search engine
HomeNewsFuel Prices Soar NNPC Sets New High: N1,030 in Abuja, N998 in...

Fuel Prices Soar NNPC Sets New High: N1,030 in Abuja, N998 in Lagos

#Zulum238Projects #Term2 Focus: Education (54 Projects) Zulum's 5th year in office, consolidating on sterling 4 years of the first tenure. “1,195 Projects and Counting.” Series on 238 projects in the first year of the second tenure of Governor Zulum.

Motorists across Nigeria are feeling the pinch as the Nigerian National Petroleum Corporation Limited (NNPCL) pushes fuel prices to unprecedented levels.

In Abuja, the pump price surged to N1,030 per litre, up from N897, causing long queues and frustration at filling stations. In Lagos, the price now stands at N998 per litre, up from N885.

Google search engine

The price hike follows NNPCL’s withdrawal from absorbing the subsidy on fuel sold by the Dangote Refinery, signaling a shift towards full deregulation. This move means independent marketers will now negotiate prices directly with Dangote under a “willing buyer, willing seller” arrangement.

See also  N12 Trillion Imports, Fuel and Food Drive Surge

NNPCL officials pointed to the heavy financial strain of maintaining the subsidy as the catalyst for this decision.

Motorists have expressed concern over the rising costs, with many questioning how long they can cope with the skyrocketing prices amidst an already difficult economic climate.

Daily Trust

About The Author

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular