National Petroleum Company Limited has once again increased petrol prices again just three weeks after the last increase.
In Abuja, the new price is now N1,060 per litre, up from N1,030, while in Lagos, it has increased from N998 to N1,025 per litre.
The recent increase comes despite a recent drop in crude oil prices globally.
The National Publicity Secretary of the Petroleum Retail Outlet Owners Association of Nigeria, Joseph Obele, noted, “We have not received an official memo from NNPC on the price increase, but the new rates are already circulating on social media and we expect to see it officially on our buying portal soon.”
Analysts and citizens worry that the new price jump will lead to even higher inflation, worsening the financial strain for Nigerians.
Vice President of the Nigerian Association of Small-Scale Industrialists, Segun Kuti-George, expressed concern: “The cost of goods will go up, transportation will become more expensive, and this will further increase the prices of food, meaning more hardship for the people.”
Meanwhile, Dangote Refinery stated that despite producing petrol locally at its $20 billion refinery, the NNPCL and other marketers are still importing petrol. After meeting with President Bola Tinubu on Tuesday, Dangote Group President Aliko Dangote clarified, “I have a refinery, but I am not in retail. I expect the NNPCL or marketers to stop importing and pick up the fuel we produce locally.”
The NNPCL first hinted at a price hike in September when it began sourcing petrol from Dangote Refinery at N898 per litre.
The series of price hikes in 2024 follows President Tinubu’s announcement in May 2023 that “subsidy is gone,” leading to a steady rise from N184 per litre to over N1,000 in some locations. The escalating costs have raised concerns about inflation and living standards, with many calling on the government to find solutions to ease the economic burden on Nigerians.
