In the early hours of September 3, a concerned and alarmed Nigerian in Lagos recorded and shared a video from an NNPC retail outlet.
The unknown source said he noticed that NNPC retail outlets have adjusted their dispenser meters from N568 per litre of petrol to N855.
That is almost N300 increase, and the second by the government since the hasty and unplanned subsidy removal by Bola Tinubu on his inauguration as president on May 29, 2023.
This came on the heels of the directive of the Minister of State for Petroleum (Oil), Heineken Lokpobiri on August 29 that NNPC and others can sell petrol at not less than N1000 per litre, according to him, in line the landing cost of imported refined petroleum. Nigeria exports crude to refine abroad as it has not had a functional refinery in about 20 years.
The surprise, however, is that when the federal government tells Nigerians it has deregulated the entire oil sector and removed subsidy, it still fixes price of the products in the market.
