Retail outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) adjusted the pump price of petrol on Wednesday in Lagos and the Federal Capital Territory (FCT), Abuja.
In Lagos, our correspondent observed that many NNPCL outlets sold a litre of the essential commodity for ₦998, about ₦150 higher than the initial price of ₦855.
Our correspondent observed long, snake-like queues at NNPCL outlets at Abule-Egba, U-turn, Abbatoir, and others around the axis as the sudden increase set motorists and transporters in panic-buying mode.
Many filling stations not owned by the NNPCL immediately followed suit as they also incrementally adjusted their pump prices, with many selling as high as ₦1050 in many parts of Lagos.
In Abuja, the situation was not anyway different as NNPCL retail outlets hiked the price of the essential commodity from ₦897 to ₦1,030.
The fresh increase followed the September 2, 2024 increase by the NNPCL. The retail company had hiked the price per litre of petrol from ₦568 to ₦855, sparking outrage.
