Nigerians are facing new fuel prices as the Nigerian National Petroleum Company Limited (NNPCL) has increased the cost of petrol. In Abuja, the price per litre has risen to N1,060 from N1,030, while in Lagos, it has jumped from N998 to N1,025. This latest hike, which follows two previous increases in just two months, has sparked widespread outrage and concern among the public, industry stakeholders, and civil society organizations.
With inflation already at a 28-year high of 34.2%, experts warn that the recent price adjustments will further escalate living costs and exacerbate economic hardship. The President of Dangote Petroleum Refinery, Alhaji Aliko Dangote, criticized the continued importation of petrol, stating, “If I’m in retail business then you can hold me responsible,” and urged oil marketers to source fuel from local suppliers.
This increase is part of the government’s deregulation policy, allowing prices to fluctuate based on market dynamics. Analysts are perplexed by the rising costs despite a decrease in global crude oil prices, raising concerns about the sustainability of living expenses in Nigeria. Citizens have taken to social media to voice their frustration, speculating that prices may continue to rise in the coming months.
