NNPC unveils new image with increase in petrol price

The Nigerian National Petroleum Company (NNPC) Limited on Tuesday unveiled her much advertised new image. But this has come at a very huge cost to Nigerians who the oil giant claims to serve.

The NNPC new image, evident in its new logo, comes with the jerking up of petrol pump price from N165/litre to between N169-N189/litre, depending on the retailer and the geographical location of the outlet.

Official approved price issued by NNPC shows that the price of premium motor spirit (PMS), more popularly known as petrol, may have finally been deregulated.

The NNPC in a notice to marketers directed them to change the retail price of petrol at the various filling stations to the new price effective Tuesday.

The official cost of petrol in Lagos now is N169/litre, the cheapest across the federation in the current price regime. Notwithstanding, some stations in the state sell at N170/litre.

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Residents of Abuja, the federal capital, will have to buy at a slightly higher price than Lagos, at N174/litre.

Similarly, all the states in the South West, South-South and North Central will now pay N179/litre of petrol.

However, the North West and the South East will bear the biggest burden of the price increase. With an increase of N19 on a litre of petrol, residents in the two regions will now pay N184/litre.

The table below gives a graphical account of the new price increase:

The above increases followed equal increase of the ex-depot price of the product from N148.17/litre to N167/litre.