Latest update from NNPC: Nigerians to pay N950 per litre for petrol.
In a recent announcement, the Nigerian National Petroleum Company Limited (NNPC) revealed that Nigerians will soon be paying N950 per litre for petrol. This new price applies specifically to Lagos, with other states paying slightly more.
Estimated Prices for Various States:
– Lagos: N950 per litre
– Borno: N1,019 per litre
– Abuja, Sokoto, Kano: N999.22 per litre
– Oyo: N960.22 per litre
– Rivers: N980.22 per litre
Understanding the Petroleum Industry Act:
The NNPC emphasized that petrol prices are not set by the government but are instead determined through negotiations between relevant parties, as outlined in the Petroleum Industry Act. This Act aims to promote transparency and competition in the petroleum industry.
Implications for Nigerians:
The increased petrol price will likely have far-reaching consequences for Nigerians, including:
– Higher transportation costs
– Increased food prices
– Potential inflation
– Economic hardship for low-income households
Expert Insights:
“The new petrol price will undoubtedly affect Nigerians’ purchasing power and overall standard of living.” – Economic Analyst
Call-to-Action:
Stay informed about the latest updates on petrol prices and their implications. Share your thoughts on the new petrol price in the comments below.
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