NNPC Cash Shortage Could Push Petrol to N1,300/Litre.
Petrol prices in Nigeria are expected to rise to N1,300 per litre due to a cash crunch faced by the Nigerian National Petroleum Company (NNPC) Limited. The increase in the landing cost of petrol from N720 to N1,203 per litre is a major factor. With NNPC as the sole importer of petrol, the financial strain may lead to the end of subsidies, pushing prices higher. The Dangote refinery’s production could alleviate some pressure, but the situation remains critical with many filling stations shut and petrol prices already soaring in some areas.
petrol price hike, NNPC financial strain, landing cost, fuel scarcity, Dangote refinery, Nigerian oil market, petrol subsidies.
