NNPCL has increased the price of petrol (PMS) to N1,025 per liter in Lagos, up from N998, and to N1,060 in Abuja, rising from N1,030. This marks the third price hike in two months....CLICK HERE TO CONTINUE READING.>>
This price adjustment follows a decline in Nigeria’s Bonny Light crude, which fell from $75 to $72 per barrel, an 8.2% drop compared to the 2024 budget’s benchmark of $77.96.
Thank you for reading this post, don't forget to subscribe!Many filling stations in Lagos promptly reflected the new prices, while some motorists scrambled to stations still selling at older rates.
Earlier in the month, NNPCL had increased fuel prices from N897 to N1,030 per liter following the government’s recent move to deregulate petrol pricing.
In Abuja, major fuel retailers closed to adjust their meters in response to the new pricing, while some independent marketers continued selling petrol at N1,125 per liter.
NNPCL’s spokesperson, Olufemi Soneye, could not be reached for comment, but industry insiders attributed the hike to market-driven forces influenced by deregulation and the weakened naira, which currently stands at N1,664 per dollar.
Industry experts have reacted with concern, citing the burden on Nigerian consumers. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprises (CPPE), stressed the need for social support measures to alleviate the impact of the rising cost of living.
He remarked, “Nigerians are going through difficult times, and it’s essential that the government adopts measures to reduce the hardship.
A major oil marketer, speaking anonymously, noted that deregulation allows for flexible pricing. He suggested that, with global crude oil prices now lower, a decrease in petrol prices could follow.
He urged the government to reduce operational costs and support small and medium enterprises (SMEs) affected by these hikes.
Meanwhile, civil society groups have called for resistance. The Movement for a Socialist Alternative (MSA), a member of the Joint Action Front (JAF), issued a statement urging Nigerians, especially workers, to reject the continuous increases in petrol prices.
MSA’s General Secretary, Dagga Tolar, condemned the repeated hikes, stating, “This relentless rise in petrol prices has led to unbearable living conditions, pushing Nigerians further into poverty.
The MSA called on labor unions, including the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC), to take decisive action. “We stand in solidarity with all Nigerians affected by these increases,” Tolar said, “and call for a united front to demand an end to policies that prioritize profit over people.
Independent marketers were reportedly selling petrol for as much as N1,200 per liter in some areas, following NNPCL’s lead.
Meanwhile, President Bola Tinubu urged stakeholders to reduce Nigeria’s dependency on imported petrol, emphasizing the need to channel foreign exchange toward strengthening the local economy.
Tinubu praised efforts to conduct naira-based transactions for oil and encouraged stakeholders to utilize Afreximbank for resolving naira pricing issues in the sector.
In a review meeting, Tinubu highlighted the need for a market driven oil sector while encouraging stakeholders, including NNPCL and Dangote Refinery, to enhance local production. He expressed hope that a self-sufficient oil sector would secure energy security and support a stable economy.READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>
