The Nigerian National Petroleum Company Limited (NNPCL) attributes the recent petrol price hike to foreign exchange rates and market forces, raising prices to N855-N897 per liter. NNPCL's Adedapo Segun assures the scarcity will ease soon. Labor unions demand a reversal, condemning the impact on citizens' livelihoods.
The Nigerian National Petroleum Company Limited (NNPCL) has attributed the recent rise in petrol prices to fluctuations in foreign exchange and market dynamics. During an interview on TVC News, NNPCL's Executive Vice President, Adedapo Segun, explained that the deregulated market, combined with the impact of the exchange rate, has led to the price increase.
Prices at NNPCL stations have surged to N855 and N897 per liter, up from N617, intensifying public concerns over the cost of living. Segun added that the fuel scarcity should ease as more stations adjust their operations.
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have called for an immediate reversal of the price hike.
