LAGOS — In a shocking move that has sent ripples of discontent among Nigerians, the Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, by 15%.
This increase, effective immediately, confirms earlier reports that the government is moving towards full deregulation of the petroleum sector, eliminating fuel subsidies that have long been a point of contention.
As of October 9, 2024, the price of petrol surged to N1,030 per litre in Abuja, up from N897 per litre. In Lagos, the price rose to N998 per litre from the previous N855 per litre. The Dangote Petroleum Refinery also reflected this increase, with prices climbing 8.8% to N977 per litre, up from N898 per litre.
This marks the second petrol price hike within a month, compounding the frustration of motorists and citizens already grappling with soaring living costs.
Since President Bola Tinubu took office in May 2023, petrol prices have skyrocketed by over 411%, illustrating a sharp departure from previous subsidy regimes.
Prices have escalated from N195 per litre prior to the president’s inauguration to N448 and N460 in late May, then to N557 and N617 in September, and most recently to N610 and N897 before the latest hike.
The timing of this increase is particularly disheartening for many, coming just days after expectations that the crude-for-Naira deal between the Federal Government and Dangote Refinery would help stabilize or even reduce fuel prices. The anticipated effect of this deal has not materialized, leaving motorists and citizens feeling betrayed.
Vanguard’s investigations revealed that other fuel marketers across the country have also adjusted their prices upwards, with some major retailers now selling petrol at N1,040 per litre, a sharp increase from N926 previously. Independent marketers have raised their prices even higher, with some charging up to N1,150 per litre.
The reaction from citizens has been one of disbelief and anger. Motorists at the NNPC Retail mega station in Abuja expressed their frustration at the ongoing price hikes and the resultant hardships.
“It’s beyond belief. I have been in the queue for almost an hour and I didn’t know they had increased the price. Tinubu is not concerned about our suffering,” lamented taxi driver Usman Abah, reflecting the sentiments of many.
The price increases have sparked renewed calls for government intervention and greater transparency in the pricing of petroleum products. Critics argue that the deregulation move will disproportionately affect the poorest Nigerians, who spend a significant portion of their income on transportation and fuel.
As the situation unfolds, the implications of these price hikes extend beyond immediate economic hardship; they signal a potential shift in Nigeria’s energy landscape, one that could redefine the relationship between the government, oil companies, and the citizens they serve.
The NNPCL’s latest move has certainly ignited discussions on the need for sustainable energy policies that address not only the pricing of petrol but also the broader implications for Nigeria’s economy and its citizens’ livelihoods.
