NNPCL’s petrol price hike to ₦1,025 per litre in Lagos sparks concerns over inflation and cost of living, as citizens brace for further economic impact.
Just three weeks after increasing the per litre petrol price, retail outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) raised the pump price again on Tuesday in Lagos, moving it from ₦998 to ₦1,025.
In Lagos, Channels Television reported that numerous NNPCL outlets were selling a liter of the essential commodity for ₦1,025. This marks an increase from the price of ₦998 observed between October 9 and October 28, reflecting a rise of approximately ₦28.
Channels Television visited six NNPCL outlets in Lagos and found that most filling stations were not selling fuel, citing a lack of stock.
A few NNPCL locations offered the premium product at ₦1,025 per litre, whereas other stations operated by independent marketers sold petrol for as much as ₦1,100 per litre.
The latest increase came after the October 9, 2024 hike from ₦855 to ₦998. Additionally, there was an earlier price rise by NNPCL on September 2, 2024. The retail company had previously raised the petrol price per litre from ₦568 to ₦855, causing public outrage.
READ ALSO: Dangote Refinery Seeks Court to Nullify Import Licenses of NNPCL and Others in ₦100 Billion Lawsuit
Following the presidential declaration in May 2023 that “the subsidy is gone,” NNPCL has progressively raised petrol pump prices from ₦184 in Lagos to ₦1,025.
While there hasn’t been an official statement from the NNPCL regarding the recent rise in petrol prices, the company suggested a potential price hike when it started loading its initial batch of petrol from the Dangote Refinery in mid-September.
The NNPCL announced that it procured petrol at ₦898 per litre from a private refinery and planned to sell it for ₦950 per litre in Lagos and ₦1,019 in Borno.
Dangote Refinery immediately rejected claims of selling petrol to the NNPCL at ₦898 per litre. However, the retail company maintained that it had purchased petrol from Dangote Refinery at this price and urged them to disclose their sale prices publicly. The NNPCL went on to publish a detailed breakdown of how much they were charging for Dangote’s petrol across its filling stations nationwide.
In December of last year, Dangote, Africa’s foremost industrialist, launched operations at his $20 billion facility located in Lagos, capable of producing 350,000 barrels per day.
The refinery, initially hindered by regulatory disputes, aims to reach its full capacity of 650,000 barrels per day by the year’s end.
The refinery has started supplying diesel and aviation fuel to marketers in the country, and now it has added petrol to its offerings.
Nigeria, the most populous country in Africa, is grappling with energy challenges as none of its state-owned refineries are currently operational. The nation relies heavily on imported refined petroleum products, primarily brought in by the government-managed NNPC, which serves as the leading importer of these vital commodities.
Fuel queues have become a regular occurrence in the country. Since President Bola Tinubu removed subsidies in May 2023, petrol prices have skyrocketed from approximately ₦200 per litre to over ₦1000 per litre. This sharp increase has further burdened citizens who rely on petrol for their vehicles and generators due to the country’s long-standing unreliable electricity supply.
