The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump prices of petrol again.
The prices adjusted on Tuesday now stand at N1,060/litre.
This came barely three weeks after the company hiked the price of the product and triggered fury among Nigerians.
Following the incessant price adjustment, oil marketers foresee further price hikes shortly.
In Abuja, the national oil giant raised the retail price from N1,030 to N1,060 per litre which took effect on Tuesday at different fuel stations at the Federal Capital Territory (FCT).
In Lagos, the NNPCL stations increased the unit price from N998 to N1,025 per litre.
The Organised Private Sector, Civil Society Organisations and Nigerians in general have variously criticized the move.
Economic experts, pundits and key followers of the Nigerian oil and gas sector are expressing fears of inflation in the country and further price hike.
The new price hike came on the same day the President of Dangote Group, Alhaji Aliko Dangote, faulted continued importation of petrol by oil marketers and NNPCL despite that the commodity is produced in the country by the $20bn old conglomerate based in Lekki.
He spoke in Abuja on Tuesday after he was summoned by President Bola Tinubu, alongside the Minister of Finance, Wale Edun, and the Group Chief Executive Officer of NNPCL, Mele Kyari.
Dangote said his company had the capacity to produce enough petrol to meet local demands so much that it doesn’t need to be imported.
“So, I am expecting either the NNPCL or the marketers to stop importing; they should come and pick because we have what they need. And as they move, I will be pumping,” Dangote said after the meeting with the President in Abuja.
“I have a refinery, I’m not in retail business. If I’m in retail business then you can hold me responsible. But what I’m saying is that the retailers should please come forward and pick (petrol). If they don’t come forward and pick, what do you want me to do?
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