On Tuesday, June 20, 2023, the price of petrol in Nigeria rose as petrol marketers in the country lifted the product above the expected depot price by 4.3%.
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In states like Lagos, this led to petrol being sold at N500, N12 higher than the N488 per litre price recommended by the NNPC. However, findings reveal that NNPC still sells the product to major marketers at N446.57 per litre.
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A report by Vanguard noted that Independent marketers lifting petrol at N490 ended up selling at N520 per litre at their stations. However, some marketers fixed their prices between N488 and N490 per litre, depending on the location.
Some operators who also bought the product were reselling at N515 per litre on the black market, while some marketers shut their gates to buyers, with others selling N550 per litre and N650 per litre in the areas of Maryland and Ikorodu, Lagos.
A report from NLC noted that the union has been working on an alternative fuel source, and by the time they are done, petrol will be left for the rich. He hinted that the NLC is working on the Compressed Natural Gas (CNG) which will be made available to Nigerians in a short period.
His promises have also been corroborated by the IPMAN Chairman, Chinedu Okoronkwo, who noted that the CNG, which will start selling between N100 to N110 per litre, will be rolled out to transporters and motorists in Nigeria before the end of June.
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