Fuel Price Hike: Marketers Explain As NNPCL Adds To Nigerians’ Economic Struggles

Fuel Price Hike: Marketers Explain As NNPCL Adds To Nigerians’ Economic Struggles Written By Oshiobugie John- Nigerians were jolted by another sharp increase in Premium Motor Spirit (petrol) prices, now ranging between N1,030 and N1,200 per liter. This price surge is linked to the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery, owned by billionaire Aliko Dangote.....KINDLY READ THE FULL STORY HERE▶

The NNPCL has raised fuel prices across its outlets, with Lagos and the Federal Capital Territory, Abuja, seeing prices climb from N855 and N897 to N998 and N1,030 per liter. In Enugu, fuel prices spiked even higher, reaching between N1,200 and N1,300 per liter, according to reports from DAILY POST.

This marks the second price hike since Dangote Refinery began distributing fuel on September 15, 2024, with NNPCL serving as the sole buyer. Initially, the refinery sold fuel at N898 per liter, but by early October, the price had risen to N977 per liter.

Sources indicate that full deregulation, following the launch of the Dangote Refinery, has fueled these price hikes. In the past two months, prices at NNPCL stations have skyrocketed from N557 and N617 per liter to N998 and N1,030 per liter.

This development comes despite the Nigerian government’s recent announcement that it has begun a naira-for-crude oil exchange with Dangote Refinery, starting on October 1. For many Nigerians, the recent price hikes have dashed hopes of any relief from soaring fuel costs, which are exacerbating the country’s economic woes.

The increase follows calls from Aliko Dangote himself, who recently urged the government to fully eliminate fuel subsidies. Under President Bola Tinubu’s administration, which began in May 2023, the price of petrol has surged dramatically—from N195 per liter before his inauguration to N1,030 per liter by October 9, 2024.