The Nigerian National Petroleum Corporation (NNPC) has increased the pump price of petrol at its retail outlets by N4 from N141 to N145/ litre.
Though the new N145 price remains within the maximum price cap fixed by the federal government in May, this is the first time petrol at NNPC’s outlets will be sold at that price.
Before now, prices have been floating between N143 and N141/litre at NNPC and affiliate stations in major cities and even less at stations in the hinterlands.
The prices have been N141 in last few months until Tuesday when it was raised to N145, Daily Trust reports
In Lagos and Kano our correspondents report that the price of fuel has hit N145/litre at Mega stations.
Garba Deen Muhammad, Spokesman for the NNPC said there was no rule that compels any marketer including the NNPC to sell at a fixed price.
“A price regime was introduced between N135 and N145. So, you can sell anywhere within that range. What you are seeing is an interplay of market forces.