Difficulty In Landing Products’ Possible Cause Of Fuel Price Hike, Says PETROAN
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says the hike in the pump price of petroleum may be due to an increase in the “difficulty in landing products”.
On Wednesday, retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) increased the pump price of the commodity in Lagos and Abuja.
NNPCL outlets in Lagos sold a litre of petrol for ₦998 which is ₦150 higher than the initial price of ₦855.
The situation is similar in the nation’s capital of Abuja where the pump price of a litre of the commodity went to ₦1,030 from ₦897.
That move triggered a hike in the price of the commodity in other filling stations. It sold for ₦1,050 in some parts of Lagos State.
NNPCL’s most recent move came about a month after a similar adjustment in the pump price of the commodity. The retail firm pushed the cost per litre of fuel from ₦568 to ₦855.
It acknowledged huge debts to fuel suppliers and announced a roughly 40-percent price increase to help its finances.
