The Nigerian National Petroleum Company Limited (NNPCL) has increased the retail price of petrol to N1,060 per litre in Abuja and N1,025 per litre in Lagos, sparking widespread criticism from Nigerians.
This marks the third price change between September and October 2024, as part of the government’s deregulation policy allowing prices to fluctuate based on supply and demand dynamics.
Recall that President of Dangote Group, Alhaji Aliko Dangote, expressed concerns over the continued importation of petrol despite local production at the $20bn Lekki-based refinery.
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“I have a refinery, I’m not in retail business. If I’m in retail business then you can hold me responsible. But what I’m saying is that the retailers should please come forward and pick (petrol). If they don’t come forward and pick, what do you want me to do?” Dangote had stated.
READ ALSO: NNPCL Again Hikes Petrol Price To N1,030/L In Abuja, N998/L In Lagos
Meanwhile, analysts are confused by the price hike, given the drop in international crude oil prices to $72 per barrel.
“The market price has not settled yet,” said Billy Gillis-Harry, President of Petroleum Retail Outlets Owners Association of Nigeria on Tuesday.
Joseph Obele, National Publicity Secretary of Petroleum Retail Outlet-Owners Association of Nigeria, confirmed that members bought PMS from NNPC at N1,040 per litre before the price hike.
“We have not received a memo from the NNPC…but there are indications that the price will have an upward review in the next few days,” he said
The price increase has sparked fears of skyrocketing inflation, which rose to a 28-year high of 34.2% in June.
Nigerians have kept calling for the government to address the hardship caused by the constant price hikes.
Discoveries following a survey shows the new petrol price in Abuja is an increase of N30 from the old price, while in Lagos it is an increase of N27.
