Petrol Price May Hit N1,000 Per Litre as Crude Oil Surges Past $70
Petrol prices are expected to rise to N1,000 per litre as crude oil prices surge past $70 per barrel, marking a 10% increase from last week’s price of $64 per barrel. The price hike is attributed to global political tensions, rather than a sudden increase in demand .
The Dangote Refinery has already increased its gantry price from N699 to N799 per litre, a 14.3% rise. Marketers are passing on the increased cost to consumers, with some petrol stations selling at N850 per litre, up from N750. The Nigerian National Petroleum Company (NNPC) has also increased its price to N835 per litre from N815.
Experts predict that the price increase will have a ripple effect on the economy, leading to higher transportation costs, inflation, and increased prices of goods and services. #Petrol Price May Hit N1,000 Per Litre as Crude Oil Surges Past $70#
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