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Depot price of diesel rising to N155 than N135, NNPC mute

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Barely three weeks after the Nigerian National Petroleum Corporation (NNPC) crashed the depot price of Automated Gas Oil (AGO), popularly called diesel to N135 leading pump price to hover between N155 and N160, feelers from depots around Lagos have shown rise to between N155 and N160 per litre.

If the situation continues, analysts say, pump price of the product will jump to above N200.

Business Hilights recalls that NNPC had announced in June 2017 that it had crashed the price of diesel at all filling stations across the country from between N175 and N200 per litre as of June 18, 2017 to between N155 and N160 per litre.

Checks at farms in Apapa, showed diesel has picked up again and it is on a gradual rise to its formal price.

An operators, Mr. Fidel Aisodioune said the NNPC had succeed in crashing the price to N135 per litre depot price, but that currently it could no longer sustain the price as it is now hovering between N150 per litter to N155 per litre from the depot.

Though filling stations are yet to adjust their pumps, there are fears of price hike if nothing is done between weekend and early next week.


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