Petrol Price Hike: Marketers Increase Fuel Costs in Abuja and Lagos by N29 per Litre

In a move that could further strain the pockets of Nigerian consumers, petroleum marketers have increased petrol pump prices by up to N29 per litre in Abuja and Lagos, according to Vanguard News. The increase comes just days after the Federal Government announced measures to cushion the impact of rising fuel prices on consumers. It is unclear why the marketers have chosen to hike prices now, nor has the Nigerian National Petroleum Corporation (NNPC) said when the facility began operating at the increased rate. The NNPC did not respond to requests for comment. The rise in fuel prices could have a significant impact on the cost of living for many Nigerians, particularly those in Abuja and Lagos, who already face high costs of transportation and other daily expenses. The increase in fuel prices could also further stoke inflation, which has been on the rise in recent months. It is not yet clear how widespread the price hike is, or if it will be matched by a corresponding increase in diesel prices. This story was first reported by Vanguard News.