Nigerians are once again grappling with a sharp increase in the pump price of petrol, which has surged to as high as N955 per litre in several parts of the country, including the Federal Capital Territory (FCT), Abuja. This latest spike has been linked to a combination of rising international oil prices and price adjustments by the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers.
The development has triggered widespread concern among citizens, transport operators, and businesses, many of whom are already burdened by inflation and a high cost of living.
According to findings, the NNPCL has quietly adjusted its retail prices in response to global market realities, while independent marketers have also increased their pump prices to reflect supply challenges and rising costs of importation and logistics.
In Abuja and other major cities such as Lagos, Port Harcourt, and Kaduna, fuel stations were seen selling petrol between N910 and N955 per litre, depending on location and supply availability. Long queues have also resurfaced at some filling stations, as motorists scramble to refill their tanks in anticipation of further hikes.
Industry experts point to the rebound in global crude oil prices, which have crossed the $90 per barrel mark in recent weeks, as a key factor driving the upward trend. Additionally, the persistent depreciation of the naira against the dollar is making it more expensive for Nigeria, a net importer of refined petroleum products, to sustain stable pricing.
Reacting to the situation, oil marketers have blamed the lack of transparent pricing mechanisms and the absence of functioning local refineries for the continued volatility in the downstream sector.
“The reality is that petrol is being imported at a higher cost, and marketers are forced to adjust their prices accordingly to avoid losses. Until Nigeria becomes self-sufficient in refining its own crude, we will keep experiencing these price shocks,” said Mike Osatuyi, National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN).
The NNPCL has yet to issue an official statement on the latest increase, but government sources suggest that deregulation remains fully in effect, meaning that prices are now determined largely by market forces.
Nigerians, meanwhile, are calling on the government to take urgent steps to cushion the impact of the rising fuel cost, particularly through investments in local refining capacity, improved public transportation, and social relief programmes.
“This isn’t sustainable. Transport fares have doubled again overnight, and this will have a ripple effect on food prices and general living expenses,” lamented Zainab Mohammed, a commuter in Abuja.
As the country continues to navigate economic reforms under President Bola Tinubu’s administration, the rising fuel prices threaten to deepen the hardship faced by millions of citizens already struggling with inflation, currency devaluation, and high unemployment.
Economic analysts warn that without swift intervention and a clear communication strategy from the government, public discontent may worsen in the weeks ahead.
0 Comments