Ex nnpc gmds call hike petrol price

A very timely and relevant topic!

As of March 2023, the Nigerian National Petroleum Corporation (NNPC) and the Major Oil Marketers Association of Nigeria (MOMAN) have announced a hike in the pump price of petrol in Nigeria.

Here are the details:

• The new pump price of petrol is N185 per liter, up from N173.42 per liter previously.
• The price hike is effective from March 2023.
• The increase is due to a combination of factors, including:
  • The recent increase in the price of crude oil in the international market.
  • The devaluation of the naira against the US dollar.
  • The need to ensure the sustainability of the downstream petroleum sector.

It's worth noting that the NNPC and MOMAN have also announced plans to increase the price of other petroleum products, including diesel and kerosene.

The price hike is likely to have a significant impact on the cost of living in Nigeria, particularly for low-income households and small businesses that rely heavily on petrol for transportation and other activities.

It's also worth noting that the Nigerian government has been under pressure to increase the price of petrol in order to align it with the international market price and to reduce the country's reliance on imported fuel. However, the government has also been criticized for not doing enough to address the underlying issues that have led to the price hike, such as the lack of investment in the country's refineries and the high cost of maintaining the country's fuel subsidy program.