Less than three weeks after the recent price hike, the Nigerian National Petroleum Company Limited (NNPCL) has raised petrol prices once again, sparking widespread backlash.
On Tuesday, NNPCL increased petrol prices in Abuja to N1,060 from N1,030 per litre and in Lagos from N998 to N1,025 per litre.
This development has raised concerns among Nigerians, civil society groups, and the Organized Private Sector, who fear it may further drive inflation, which already reached a 28-year high of 34.2% in June.
Following these hikes, Dangote Petroleum Refinery expressed concerns over the continuous importation of petrol, despite the refinery’s capacity to meet domestic demand.
Alhaji Aliko Dangote, the president of Dangote Group, urged marketers to source locally, emphasizing that the refinery has ample supplies to meet market needs, pending local distribution.
This increase, marking the third price change in two months, is part of the government’s deregulation policy, allowing petrol prices to respond to market supply and demand.
In Abuja, NNPCL’s mega station on Wuse Zone 4 now sells petrol at N1,060 per litre, though some stations maintain the previous price of N1,030, attracting long queues as consumers rush to buy at the lower rate.
The recent hike follows price increases from N897 to N1,030 on October 9 and from N617 to N897 in September. These fluctuations have intensified public concern over economic stability and the impact on everyday living costs.
CREDIT: Allneeds, THE PUNCH
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