Yesterday, the Nigerian National Petroleum Company (NNPC) Limited increased the price of gasoline at the pump by about 200 percent countrywide, from N195 per litre to between N488 and N557.
However, the Nigeria Labour Congress (NLC) objected to the NNPC pricing structure and called it vexatious. A litre of gasoline currently costs between N488 and N500 in Lagos and other states in the South-west.
The cost will be between N515 and N520 in the South-east, while it has increased to between N540 and N545 in the North-West.
However, it is anticipated that other independent and significant marketers would increase their gasoline prices, continuing the historical trend in which NNPC prices are often lower than NNPC rates.