Nigerian National Petroleum Company (NNPC) and other marketers on Wednesday increased the price of petrol by 16 percent, the third increase in two months and weeks after it started purchasing the petrol from the giant Dangote oil refinery on the outskirts of Lagos.
On Wednesday, NNPC increased petrol prices from N950/Liter to N998/Liter in Lagos and as high as N1,003 in northeastern states.
Read also: Nigeria needs to stop mortgaging crude – Aliko Dangote
The deregulation means that marketers are now free to determine their own prices without government interference.
This is expected to lead to increased competition and improved efficiency in the sector. However, it also means that consumers could face significant price fluctuations.
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