NNPC Increases Petrol Price by N25 in Abuja, N35 in Lagos Amid Rising Global Oil Prices

In a move that is expected to have far-reaching implications for Nigerian consumers, the Nigerian National Petroleum Corporation (NNPC) has announced a significant increase in petrol prices in Abuja and Lagos. As of today, petrol will now cost N25 more in Abuja and N35 more in Lagos, bringing the new prices to N990 and N965 per liter, respectively.

The price hike is attributed to the recent surge in global oil prices, with Brent crude oil reaching $81 per barrel. This increase in global oil prices has made local production more expensive, leading to higher prices at the pump.

According to sources, the NNPC has been struggling to maintain the previous petrol price due to the rising cost of production. The corporation has been subsidizing the price of petrol to keep it affordable for Nigerian consumers, but the increasing global oil prices have made it unsustainable.

The price increase is expected to have a significant impact on Nigerian consumers, particularly those who rely on petrol for transportation and other daily activities. Many Nigerians are already struggling to make ends meet, and the increased petrol price is likely to further exacerbate the economic hardship.

However, it's worth noting that not all petrol stations are increasing their prices. Some stations, such as the Mobil station in Lagos, have actually reduced their price from N990 to N980 per liter. But major and independent marketers have increased their prices, with some selling at N1,030 per liter.

The NNPC has assured consumers that the price increase is necessary to ensure the sustainability of the petroleum industry in Nigeria. The corporation has also promised to work with other stakeholders to find ways to reduce the impact of the price increase on consumers.

As the news of the price increase spreads, many Nigerians are taking to social media to express their outrage and frustration. Some have called for the government to intervene and reduce the price, while others have suggested that the NNPC should find alternative ways to reduce the cost of production.

The price increase is a stark reminder of the challenges facing the Nigerian economy, particularly in the petroleum sector. As the country continues to grapple with the impact of the COVID-19 pandemic and other economic challenges, the increased petrol price is likely to have far-reaching implications for Nigerian consumers and the economy as a whole.

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