The Nigerian National Petroleum Company Limited (NNPC) on Tuesday adjusted the pump prices of Premium Motor Spirit, popularly known as petrol.
NNPC adjusted the prices upward barely three weeks after raising the price to the outrages of Nigerians.
The national oil firm raised the retail price of petrol in Abuja to N1,060 from N1,030 per litre, according to Punch report.
In Lagos, it was confirmed that NNPCL stations increased the unit price of the commodity from N998 to N1,025 per litre, which received widespread criticisms from the Organised Private Sector, Civil Society Organisations and Nigerians in general.
Experts and key followers of the Nigerian oil and gas sector fear inflation in the country may further skyrocket following the latest hike, after it rose to a 28-year high (34.2 per cent) in June, which could compound the hardship in the country.
The new petrol price in Abuja is an increase of N30 from the old price, while in Lagos it is an increase of N27.
This adjustment also marks the third price change between September and October 2024 and is part of the government’s deregulation policy, which allows prices to fluctuate based on supply and demand dynamics.
At its mega station located along Wuse Zone 4, the price of the commodity was sold at N1,060 per litre.
But at its station located at Olusegun Obasanjo Way, Central Area, the product still sold at N1,030 with commuters scrambling to join the long queue.
The fresh increase followed the October 9, 2024 hike from N897 to N1,030. Also, on September 2, 2024, it was increased by the NNPCL. The retail company had hiked the price per litre of petrol from N617 to N897, sparking nationwide outrage.
The NNPCL filling station along Ogudu Expressway also dispensed petrol at N1,025 per litre. A number of vehicles were in the queue to buy the product.
This came as the Dangote Petroleum Refinery faulted the continued importation of petrol by oil marketers and NNPCL despite the fact that the commodity was produced in the country by the $20bn Lekki-based plant.
Alhaji Aliko Dangote, the president of Dangote Group, raised the concern in Abuja on Tuesday after he was summoned by President Bola Tinubu, alongside Wale Edun, the minister of Finance, and Mele Kyari, the group chief executive officer of NNPCL.
“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?
“So, I am expecting either the NNPCL or the marketers to stop importing; they should come and pick because we have what they need. And as they move, I will be pumping,” Dangote stated after the meeting with the President in Abuja.
