The Nigerian National Petroleum Corporation (NNPC) had been selling petrol at N145 a litre, but on Thursday, November 3, the price rose to N150 in the Federal Capital Territory and the surrounding areas as private marketers capitalized on rumors regarding plans to hike petrol prices.
The Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu denied any knowledge of the reviewed price template which has allayed fears of further increment in the pump price of petrol.
It should be noted that Nigeria has witnessed the worse inflationary trend as well as economic recession since the emergence of President Muhammadu Buhari.
Sources revealed to SaharaReporters that the federal government would likely not increase the petrol price due to its fear that doing such would trigger mass protests, as it did in 2012.
It was further gathered that the federal government has been quietly subsidizing crude oil at N28 per liter to keep the fuel price low.
The subsidy, however, means that Nigeria has less crude oil to sell, and Nigeria relies on exporting crude oil abroad in order for it to be refined into petroleum products that are then sent back into the local market.PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> How I Made Me =N=2.5 MILLION In 7 Days from 2 Common Product I Imported and how you can do the same. Click HERE FOR FREE Details right now Warning To Men: This 3 Foods Is Killing Your Erection. Click Here To Know Them Secret Fruits that increased my Manhood and makes me last 55 minutes+ all time - Click here to get it Warning: Got Arthritis? 3 Simple Ways To Get Cured And Be Permanently Free From Joint Pains. Click Here To See Them REVEALED!! Reduce Your Blood Sugar Level And Reverse Diabetics Within A Short Period Of Time. Click Here To See How MIDNIGHT,Pressed Mr Kilanko Suddenly Couldn't Urinate. Shrink your Enlarged Prostrate Here! Click Here Now