The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Lagos Chamber of Commerce and Industry, LCCI, and Nigerian Employers Consultative Association, NECA, among others, yesterday expressed concern over the impact of the latest petrol price increase on jobs and the economy.

This came as private depot owners in Lagos and environs, yesterday, increased the depot price of petrol by 35.2 per cent to N960 per litre, from N710 per litre, about 12.3 per cent above the N855/ltr retail price allegedly stipulated by the petroleum industry authorities.

At the new depot price, independent petroleum marketers who are the main users of the private deports, are compelled to fix their pump price above N1,000/ltr.

However, the major oil marketers and NNPC Ltd sold at N895/ltr as they lifted the product from NNPC deports at a far cheaper rate, though they had effected a 54.3 per cent increase from N580/ltr.
A visit to the depots, including Satellite, which was earlier shut over pricing uncertainty that followed an increase in pump price, indicated that depot owners such as Coolspring, Integrated, Sharami, Ibeto, Ibchem and Aipec, sold the product at N960 per litre.

Checks by Vanguard indicated that supply remains inadequate and unstable as many outlets without the product were shut, while long queues were still seen at many filling stations with the product.
Black market operators also took advantage of the situation to hawk petrol in jerry cans at the cost of between N1,200 and N1,500/ltr in different parts of Lagos and Abuja.

Transporters that managed to buy the product passed the high cost to commuters, who were compelled to pay higher fares.