The Nigerian National Petroleum Company (NNPC) Limited has increased petrol price at its retail outlets to N933 per litre in Lagos and N960 per litre in Abuja.
The national oil company increased the product’s price by N103 from N830 in Lagos, and by N85 from N875 per litre in Abuja.
TheCable observed on Wednesday that the NNPC increased the price at its retail outlets in Apple Junction and along Ago Palace Way in Lagos.
The world oil was affecting after The Islamic Revolutionary Guard Corps officially confirmed that the strait of Hormuz, where global oil ships do pass, was closed and that any ship that entered the strait was to be set on fire.
This came after several reports of Iranian attacks on ships passing into the Strait of Hormuz.
Trade disruptions along this key waterway on Iran’s southern coast that handles 25% of the world’s maritime oil trade and 20% of liquefied natural gas shipments will likely produce a continuous domino effect across the global economy.
Nigeria and other countries of the world are already facing the hit.(News register.com)
