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Fuel Crisis Deepens: Nigerians Face New Petrol Price Hike And Worsening Scarcity

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11 months ago

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As Nigerians grapple with rising fuel prices imposed by the Nigerian National Petroleum Company (NNPC) Limited, here’s the latest update on petrol scarcity, price hikes, and the reactions from both the government and citizens.

NNPCL Raises Petrol Price to ₦990 Per Litre in Abuja

Retail outlets operated by NNPC Limited have increased the pump price of Premium Motor Spirit (PMS), commonly referred to as petrol, from ₦965 to ₦990 per litre in the Federal Capital Territory (FCT).....KINDLY READ THE FULL STORY HERE▶

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In Lagos, NNPC outlets adjusted the price from ₦925 to ₦960 per litre, reflecting the new nationwide pricing structure introduced on Tuesday.

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This increase aligns with the ongoing deregulation of the petroleum sector, where pump prices are determined by market forces.

Rising Crude Oil Costs and Dangote Refinery Products Drive Price Hike

According to industry sources, the price surge stems from rising global crude oil prices and the introduction of PMS from the Dangote Refinery into the domestic market.

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Dealers have indicated that PMS prices could continue to climb, following global crude price trends.

MRS ₦970, NNPC ₦960: Fuel Stations Nationwide Adjust Prices

Several filling stations in Lagos, including those operated by MRS, increased PMS prices to ₦970 per litre on Monday, citing a rise in the ex-depot price due to fluctuating international crude oil prices.

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In a statement, Dangote Refinery explained, “Crude oil, being the primary input for PMS production, directly impacts the finished product’s cost whenever international prices fluctuate.”

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Nationwide Fuel Price Updates

  • Abuja (NNPCL): ₦990 per litre
  • Lagos (NNPCL): ₦960 per litre
  • MRS and Others: ₦970 per litre
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The adjustments reflect a broader trend, with dealers and partners like Ardova, Heyden, and MRS Holdings implementing similar changes nationwide.

What’s Next?

As Nigerians endure the ripple effects of these increases, many are watching closely for further developments in fuel pricing and government intervention.

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