Nigerian National Petroleum Company Limited (NNPCL) has released a new price regime to ensure the availability of petrol in the country.
From the price template released by the NNPCL late Tuesday, the product will sell in three South-South states at N511 while it will sell as high as N557 in Borno and Yobe States.
This move analysts say will curb panic buying and hoarding which has led to long queues at petrol stations across the country since Monday when President Bola Tinubu announced that subsidy will be removed from petrol.
Before noon Wednesday when the new price of petrol was unveiled most petrol stations had kept their premises locked while others sold between four hundred and fifty to six hundred naira a litre.
At Rain Oil by Ugbuwangue in Warri, sales had stopped when our crew got there owning to a protest by certain persons who were said to be resisting the five hundred and ten Naira a litre slapped on them.
The product had been sold at two hundred and fifteen Naira a litre earlier in the day.
The motorists who spoke with us had complained about the high pump price.
The manager of the petrol station refused to comment on the development saying he had no authority to speak with the press.
With the official pump price as released by NNPCL, the worry of Nigerians will now shift from the availability of the product to the impact of the increase in other sectors of their socio-economic life.