Barely three weeks after the last price hike, the Nigerian National Petroleum Company Limited (NNPCL) has adjusted the pump price of petrol to ₦1,025 per litre in Lagos. This increase of ₦28 follows the previous price of ₦998 per litre.
Channels Television observed that many NNPCL outlets in Lagos sold petrol at the new price, while independent marketers sold it for as high as ₦1,100 per litre. However, most filling stations claimed they didn’t have stock.
This latest increase marks the third price hike since September 2, 2024, when the price per litre of petrol jumped from ₦568 to ₦855. The previous hike occurred on October 9, 2024, from ₦855 to ₦998.
Since President Bola Tinubu’s declaration to remove subsidies in May 2023, petrol prices have skyrocketed from ₦184 to ₦1,025 per litre. This has compounded the energy challenges faced by Nigeria, Africa’s most populous nation.
The NNPCL’s price increase comes after the company began loading petrol from the Dangote Refinery in mid-September. Although Dangote Refinery denied selling petrol to NNPCL at ₦898 per litre, the retail company insisted on the price.
Nigeria’s reliance on imported refined petroleum products continues to plague the country, with state-owned refineries remaining non-operational. Fuel queues have become commonplace, and the increased petrol prices have exacerbated the woes of citizens.
Dangote Refinery, which commenced operations in December, aims to achieve full capacity of 650,000 barrels per day by year-end. The refinery has started supplying diesel, aviation fuel, and petrol to marketers.
The persistent fuel price increases have raised concerns among Nigerians, who are struggling to cope with the economic implications of the subsidy removal. As the country grapples with energy challenges, the NNPCL’s latest price hike is likely to spark further outrage..
