NNPCL is the major importer of petrol into Nigeria and any shift in its prices indicates a rise in the pump price of petrol.
The withdrawal of subsidy on petrol and the floating of the naira against the dollar could lead to even higher prices, with marketers warning that the cost of petrol could rise to as high as N700/litre.
The NNPCL and the downstream oil sector regulator have yet to make any statement on the development.
