How NNPCL’s New Petrol Price of N1030/L Affects the Energy Market
The Nigerian National Petroleum Company Limited (NNPCL) has increased the petrol price for marketers to ₦1,030 per litre in Abuja and ₦998 per litre in Lagos, following prior hikes earlier this year.
This change has led to widespread concerns, as the price adjustment was implemented without prior notice, further exacerbating economic challenges for businesses and consumers.
The fuel price increase is attributed to deregulation in the petroleum market, with marketers now paying full market rates without subsidies.
This has caused panic buying and long queues at filling stations. Critics argue that this policy could lead to inflation, job losses, and reduced consumer purchasing power, especially as the nation continues to grapple with high living costs.