The Nigerian National Petroleum Company Limited (NNPCL) announced a new increase in petrol prices on Wednesday, with rates now set at N1,030 per litre in Abuja and N998 per litre in Lagos State. This latest hike marks a significant jump from the previous price of N897 per litre, which itself was raised just weeks earlier from N617.The decision has incited widespread outrage and condemnation among Nigerians, many of whom view the increase as insensitive and a further burden on the already challenging economic landscape and cost of living crisis facing the country. In response to the backlash, petroleum marketers indicated that this price adjustment signifies the complete removal of the subsidy on Premium Motor Spirit (petrol) by the Nigerian government.
The Nigerian National Petroleum Company Limited (NNPCL) announced a significant increase in petrol prices on Wednesday, with new rates set at N1,030 per litre in Abuja and N998 per litre in Lagos State. This latest adjustment marks a rise from the previous price of N897 per litre, which had itself been increased from N617 just weeks earlier. The recent hike has ignited widespread outrage and condemnation among Nigerians, many of whom view it as an insensitive move that exacerbates the already challenging economic conditions and cost of living crisis facing the nation. In response to the backlash, petroleum marketers indicated that this price increase signifies the complete removal of subsidies on Premium Motor Spirit (petrol). Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, shared insights in an interview with DAILY POST, explaining that the new pricing model reflects a total deregulation of the downstream sector and aligns with the implementation of the Petroleum Industry Act.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, stated in an interview with DAILY POST that the recent fuel price hike reflects the full deregulation of the oil and gas sector and the implementation of the Petroleum Industry Act. He emphasized, “It is a price template that shows that the total deregulation of the oil and gas sector and the implementation of the Petroleum Industry Act have taken off.” Ukadike explained that the Nigerian National Petroleum Company Limited (NNPCL) is now selling fuel at prices reflective of their purchasing costs from Dangote Refinery, effectively eliminating any subsidies on petroleum products. “NNPCL is no longer a middleman for oil marketers. Marketers are to buy petrol products from Dangote Refinery,” he added.He also noted that both NNPCL and Dangote Refinery have yet to announce their ex-depot prices, which will influence marketers’ purchasing decisions. “Once the ex-depot prices of NNPCL and that of Dangote Refinery are released, we will now choose where to buy our petroleum products and stock our filling stations,” Ukadike mentioned.Additionally, reports indicate that Dangote Refinery has raised its petrol price to N977 per liter from N898, although no official statement has been released regarding this increase as of yet.
