Now it’s official, NNPC hikes pump price of petrol

After weeks of speculations and assurances that the pump price of petrol would not be retained at N165, the Nigerian National Petroleum Company (NNPC) Limited has approved a new pump price of N179 per litre pump.

NNPC, in a notice to fuel marketers, directed them to change the petrol price on pumps to N179 per litre from N165 per litre effective today (Tuesday).

This was even as the company equally increased the ex-depot price from N148.17 to N167 per litre.

The new pump price is coming after weeks of petrol scarcity resurfaced across the country as fuel retailers were adopting different price bands to force unofficial deregulation attempts.

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Already, the majority of filling stations in Lagos have adopted different price models.

While some filling stations have changed the price on their meters to reflect the current price they are selling at, others have left theirs to show the approved retail price of N165 per litre, but were selling above the displayed price.

In Ikotun, the Mobil filling station has changed its pump price from N165 to N178, while Ardova is selling at N170 per litre, but this is expected to change during the day.