NNPCL Hikes Petrol Price Amid Nationwide Fuel Shortages.
In a significant move that has sparked panic among motorists, the Nigerian National Petroleum Company Limited (NNPCL) adjusted the pump price of petrol on Wednesday in both Lagos and the Federal Capital Territory (FCT), Abuja. This price hike comes amid ongoing fuel shortages that have plagued the nation, leading to long queues at retail outlets.
In Lagos, many NNPCL stations are now selling a litre of petrol for ₦998, a staggering ₦150 increase from the previous price of ₦855. Reports from various filling stations in the city indicate that the sudden surge in prices prompted a wave of panic buying, with motorists rushing to fill their tanks. Notable locations such as Abule-Egba, U-turn, and Abbatoir saw particularly long, snake-like queues as the new prices took effect.
Read Also : Brigadier General Sadiq Arrested: Inside the Allegations of Stolen Palliative Rice and Military Equipment
The situation was similarly chaotic in Abuja, where NNPCL outlets raised the price of petrol from ₦897 to ₦1,030 per litre. This increase follows a previous rise on September 2, when the price jumped from ₦568 to ₦855, igniting public outrage and frustration.
The Rise of Fuel Prices
The latest increase in petrol prices marks another chapter in Nigeria’s ongoing fuel crisis, which has escalated since President Bola Tinubu’s declaration that the subsidy on petrol would be removed in May 2023. Since then, NNPCL has gradually raised petrol prices from as low as ₦184 per litre to the current rates, with many observers citing this as a direct consequence of subsidy removal.
Pay Attention To: Appeal Court Sacks PDP Lawmaker, Declares Labour Party Candidate Winner
While there has been no official statement from the NNPCL regarding the recent price adjustments, the company hinted at potential increases when it began sourcing petrol from the Dangote Refinery in mid-September. The NNPCL claimed it obtained petrol from Dangote at ₦898 per litre, planning to sell it for ₦950 in Lagos and ₦1,019 in Borno. However, Dangote Refinery has since denied these claims.
Impact on Nigerians
The current price of petrol in Nigeria has more than quadrupled since the subsidy was lifted, now exceeding ₦1,000 per litre.
This surge is exacerbating the difficulties faced by Nigerians, many of whom rely on petrol to power their vehicles and generators, particularly in a country plagued by unreliable electricity supply. Fuel queues are a common sight, reflecting the severe energy challenges Nigeria continues to grapple with.
With all state-owned refineries currently non-operational and the country heavily reliant on imported refined petroleum products, the situation remains precarious.
As Nigeria struggles to navigate these challenges, the implications for its citizens are profound, with many now questioning the sustainability of current policies and president Bola Tinubu government’s commitment to alleviating the burden on everyday Nigerians.
