Petrol price increase raises alarm for job security and economic stability, say NACCIMA, LCCI, NECA.
NACCIMA, LCCI, and NECA are concerned about the latest petrol price hike’s impact on jobs and the economy. Private depot owners in Lagos have increased petrol prices by 35.2% to N960 per litre, exceeding the N855/litre retail price set by authorities. This hike forces independent marketers to sell above N1,000 per litre. Major oil marketers and NNPC Ltd sell at N895/litre, up 54.3% from N580/litre. Despite the increase, supply remains unstable, with long queues at stations and black market prices reaching N1,200 to N1,500 per litre. The high cost has led to increased transport fares.
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