The Nigerian National Petroleum Company (NNPC) Limited has raised the petrol price again, with a litre now selling for N992 in Lagos and N955 in Abuja.
The new rate, which took effect on Monday, marks a significant surge from the previous prices of N865 and N890 per litre, respectively.
According to findings by TheCable, the price change has already been implemented across several NNPC retail outlets in the two major cities.
The latest development comes barely two months after a brief reduction in petrol prices was introduced.
At the NNPC filling station in Ago Palace, Lagos, motorists were seen expressing concern as the pump price rose to N992 per litre.
Similarly, in Abuja, the commodity now sells for N955 per litre at the Federal Housing Authority outlet in Kubwa and another NNPC station along Komolafe Road in Lugbe.
The new NNPC petrol price increase represents a N127 jump in Lagos and a N65 increase in Abuja, reversing the August 15 price cut that many Nigerians had welcomed.
However, the adjustment has stirred widespread public frustration as transportation and living costs are expected to rise further.
Many motorists have taken to social media to express their dismay,
An attendant at one of the stations in Lagos said demand had slowed since the new price was introduced.
“People are shocked. Some drive in, check the pump, and drive out,” he said.
“It’s clear that Nigeria’s deregulated fuel market is now heavily influenced by global trends,” one energy economist noted.
Meanwhile, no official statement has yet been released by the NNPC explaining the rationale behind the latest hike.
