The Nigerian National Petroleum Company Limited, NNPCL retail outlets in Lagos has adjusted the PMS petrol pump price to ₦855 per litre in Lagos
The new pump price comes amid outcry by Nigerians on the product’s unavailability.
Vanguard had earlier reported that there is anxiety as pump price of petrol races towards N1,405/litre
The paper said that Nigeria’s downstream petroleum industry may have gone into a frenzy, following clear indications that the Federal Government may no longer sustain the cost of under-recovery, otherwise known as subsidy, due to a steady rise in petrol import bills.
Industry operators told Vanguard that it is now clear that pump price may be officially raised soon to enable the government, through the Nigerian National Petroleum Company Limited, NNPCL, to generate enough funds to settle its outstanding bills on products received on credit supply by several international dealers.
Consequently, they speculated that a compromise pump price of N1,000 per litre or more may be underway, though some of them quoted the landing cost of the product at about N1,200 per litre, excluding the cost of delivery to petrol stations.