The Nigerian National Petroleum Company (NNPC) Limited has hiked the price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets, with prices now soaring to nearly ₦1,000 per liter. This shocking increase has sent waves across the nation, adding fuel to the already burning concerns over Nigeria’s escalating cost of living.
As of Wednesday, motorists in Lagos are now paying ₦998 per liter at NNPC outlets, a sharp rise from the ₦855 per liter that was set just last month. Retail stations at key locations like Ago Palace Way, Okota, and Second Rainbow on the Apapa Expressway have all adjusted their prices to match the new rates.
In Abuja, the nation’s capital, the cost of petrol has hit ₦1,003 per liter at NNPC’s Wuse Zone 4 station, marking one of the highest prices recorded in recent times. Private filling stations have quickly followed suit, with Mobil’s station on College Road, Ogba, aligning its prices with NNPC’s new rates.
This latest development comes just weeks after the NNPC began lifting petrol from the Dangote Petroleum Refinery following extended negotiations over pricing. On September 15, the NNPC revealed that petrol was being purchased from the Dangote refinery at ₦898 per liter. However, the refinery promptly refuted this claim, calling it “misleading and mischievous.”
In response to the ongoing dispute, the NNPC announced projected pump prices, predicting that petrol would sell for ₦950 per liter in Lagos and ₦999 in Abuja. With the latest price adjustments, these predictions have quickly become a reality.
This sudden surge in fuel prices is expected to have widespread implications, impacting transportation costs, food prices, and general inflation across Nigeria. As the country grapples with the rising costs of essential goods and services, many Nigerians are left questioning how long they can cope with these continuous price hikes.
