Various outlets of the Nigerian National Petroleum Company Limited (NNPC Ltd) in Abuja on Tuesday began selling fuel for N897 per litre.
According to sources, there was a directive to the retail outlets to increase petrol prices.
In Lagos, NNPC stations began selling fuel for N855 while major marketers pegged theirs between N870 and N900.
This comes two days after the NNPC, whose group managing director and chief executive officer is Mele Kyari, admitted owing fuel suppliers a “substantial” amount leading to fuel scarcity.
Analysts say the increase in fuel price is necessary to ease the burden of subsidy on the government. But the government insists it is no longer paying subsidy.
The increase in petrol price will see further hike in transport costs and prices of goods and services in the nation already battling with inflation.
Spokesperson of the NNPC Olufemi Soneye declined comments when he was contacted.
“Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will make sure to inform you. I appreciate your understanding,” he said.
