The pangs of the fuel subsidy removal continue to hit hard on Nigerians as the price of fuel per liter now jumps above N550.
It was reliably gathered that there was a rise in the ex-depot price of petrol by 4.3% to N490 per liter.
This led to the reason why some petrol stations have started selling above N500 per liter, N12 higher than the N488 per liter price in the Lagos area.
Our Street to Street, Media chats revealed that the Nigeria National Petroleum Company (NNPC) Limited still sells the product to major marketers at N446.57 per liter.
A visit to private depots in Lagos showed that independent marketers, who lift at N490 per liter have resorted to dispensing fuel at N520 per liter at their stations depending on the location in Lagos.
It also indicated that while NNPC Limited continues to sell at N488 per liter in Lagos and environs at their retail stations, the major marketers fixed their prices at between N488 and N492 per liter, taking location as a key factor.
This is even as many operators who bought at N490 per liter were seen reselling at N515 per liter in a thriving black market, a development that has put additional price markups on retail prices.
