Breaking News: Nigerian citizens have reacted with outrage as the Nigerian National Petroleum Company Limited (NNPCL) increased the pump prices of Premium Motor Spirit (PMS), commonly known as petrol, to N1,060 per litre in Abuja and N1,025 in Lagos. This latest increase comes barely three weeks after the last price adjustment, following the government’s subsidy removal in 2023. Many Nigerians, facing increased living costs, voiced their frustrations on social media, questioning the government’s deregulation policy as inflation continues to climb.
NNPCL has not released an official statement on the price hike, but oil marketers hinted at a likely increase, which materialized on Tuesday. Some NNPCL stations in Abuja and Lagos confirmed the new rates, while others saw fluctuating prices as queues formed around city stations. The frequent adjustments reflect Nigeria’s deregulation policy, which ties petrol costs to global market rates and local supply-demand dynamics.
The recent hike follows ongoing delays in establishing Dangote Petroleum Refinery’s full capacity, despite assurances from the $20 billion Lagos facility. Aliko Dangote, founder of the refinery, urged NNPCL and oil marketers to utilize locally produced fuel instead of relying on imports.
Nigerian industry leaders warned that rising petrol prices may worsen inflation and economic instability. The Petroleum Retail Outlets Owners Association of Nigeria expressed concerns over the impact on transportation costs, household budgets, and local production.
Segun Kuti-George, National Vice President of the Nigerian Association of Small-Scale Industrialists, warned of severe economic consequences. “This increase will drive up production costs, which will raise prices for goods and services,” Kuti-George noted.
Civil society groups also reacted, urging the government to adopt strategies to mitigate the economic strain on Nigerians. Debo Adeniran, Chairman of the Centre for Accountability and Open Leadership, criticized the government’s decision, arguing it risks “stoking discord and losing public support.”
Public Reaction
Many Nigerians took to social media to voice their frustrations. Social media user Godwin Onoghokere posted on X: “This new increment will see Nigerians buy petrol for N1,060 and N1,025 per litre in Abuja and Lagos. By December, it may reach N1,500 per litre.”
Also, the NNPCL’s petrol price hikes continue to stress household budgets, affecting all aspects of Nigerian life. Experts warn that without efforts to stabilize the naira and tackle inflation, daily living expenses may become untenable for many Nigerian families.
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