It was further gathered that the federal government has been quietly subsidizing crude oil at N28 per liter to keep the fuel price low.
Petrol has been sold by the Nigerian National Petroleum Corporation (NNPC) at N145 a litre, but on Thursday, November 3, the price rose to N150 in the Federal Capital Territory and the surrounding areas as private marketers capitalized on rumors regarding plans to hike petrol prices.
The Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu denied any knowledge of the reviewed price template which has allayed fears of further increment in the pump price of petrol.
It should be noted that Nigeria has witnessed the worse inflationary trend as well as economic recession since the emergence of President Muhammadu Buhari.
Sources revealed to SaharaReporters that the federal government would likely not increase the petrol price due to its fear that doing such would trigger mass protests, as it did in 2012.
The subsidy, however, means that Nigeria has less crude oil to sell, and Nigeria relies on exporting crude oil abroad in order for it to be refined into petroleum products that are then sent back into the local market.