The Nigerian National Petroleum Corporation (NNPC) has increased the pump price of petrol by N4, as its mega stations now sell for N145 per litre to the N141 it previously sold per litre.
While the new ‘retail outlet’ price is the maximum price cap fixed by the federal government, this is the first time the NNPC will be selling the product at N145 per litre since May 2016.
Until Tuesday, November 1, when the apex oil firm raised the rate, the prices have been hovering between N143 and N141 per litre at NNPC and affiliate stations in major cities and even less at stations in the hinterlands.
Daily Trust confirmed that the NNPC Mega stations in Kano and Lagos states have begun to sell fuel at the stipulated price of N145 per litre.
Speaking on the development, Garba Deen Muhammad, the spokesman of the NNPC, revealed that there was no rule that compels any marketer including the NNPC to sell at a particular price.
“A price regime was introduced between N135 and N145. So, you can sell anywhere within that range. What you are seeing is interplay of market forces,” he added.