The Nigerian National Petroleum Company (NNPC) Limited has approved a new pump price after weeks of promises that it will retain N165.
NNPC, in a notice to fuel marketers, directed them to change the petrol price on pumps to N179 per litre from N165 per litre effective today (Tuesday).
This was even as the company equally increased the ex-depot price from N148.17 to N167 per litre.
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The new pump price is coming after weeks of petrol scarcity resurfaced across the country as fuel retailers were adopting different price bands to force unofficial deregulation attempts.
Already, the majority of filling stations in Lagos Nigeria have adopted different price models.
While some filling stations have changed the price on their meters to reflect the current price they are selling at, others have left theirs to show the approved retail price of N165 per litre, but were selling above the displayed price.
Source: Ripples Nigeria
