NNPC and Marketers Increase Petrol Price Again, Triggering Concerns Amid Economic Strain

The Nigerian National Petroleum Corporation (NNPC) and marketers have raised petrol prices to 95.5 per liter, leading to increased financial strain on households. The Independent Petroleum Marketers Association of Nigeria (IPMAN) cited market logistics issues and higher depot costs as reasons for the price hike.

Chinedu Ukadike from IPMAN mentioned that Dangote Refinery increased the price due to insufficient supply. This has resulted in scarcity and long queues at some filling stations in Lagos and Abuja.

The situation has also led to a surge in cooking gas prices, exacerbating the economic challenges faced by Nigerians.