LAGOS —There was distress yesterday as the Nigerian National Petroleum Company Limited (NNPCL), increased the pump price of Premium Motor Spirit (PMS) also known as petrol, by fifteen percent across the nation.The NNPCL increases the petrol price for the 3rd time in 60 days.
The full deregulation effect caused the product’s price to rise to N1,030 per litre from N897 per litre in Abuja, and to N998 per litre from N855 per litre in Lagos. Rapidospace news revealed that the Dangote Petroleum Refinery price also increased by eight percent, to N977 per litre from N898 per litre yesterday.
This is the third time the price of petrol has been increased by the Nigeria Energy angency NNPCL in two months. This indicated that since President Bola Tinubu took office in May 2023, the price of petrol at the pump has increased by more than 411 percen
Many Nigerians, especially motorist, are upset with the most recent hike, which came as a surprise given that many had anticipated that the crude-for-Naira arrangement reached by the Federal Government and Dangote Refinery would result in a decrease in the pump price starting on October 1, 2024.
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Rapidospace News (online news) reports shows that in and around Abuja yesterday, big marketers are now selling at N1,040 a litre, while other marketers have also raised their pump prices.
When Vanguard visited the NNPC Retail mega station in Abuja where the price increase had been effected, shocked motorists lamented the continuing hardship in the country.
However, the complete deregulation effect, yesterday, pushed the price of the product to N1,030 per litre, from N897 per litre in Abuja, while the price rose to N998 per litre, from N855 per litre in Lagos.
Checks by Vanguard indicated that the Dangote Petroleum Refinery price also increased by 8.8 per cent to N977 per litre, from N898 per litre, yesterday.
The latest price increase makes it the second time the petrol price has been hiked in the past month.
This showed that the pump price of petrol has risen by more than 411 per cent since President Bola Tinubu came into office in May 2023.
Specifically, from N195 per litre before the President assumed office on May 29th, 2023, the price of the product was increased to N448 (Lagos) and N460 (Abuja) in May 31, 2024; N557 (Lagos) and N617 (Abuja) in September 2024; N610 (Lagos) and N897 (Abuja) in September 2024 before the latest increase to N998 (Lagos) and N1,030 (Abuja) in October 2024.
The latest increase, which came against expectations that the crude-for-Naira deal between the Federal Government and Dangote Refinery might lead to a reduction in the pump price beginning from October 1, 2024 has left many citizens, especially motorists, in anger.
It’s beyond belief. I have been in the queue for almost an hour and I didn’t know they had increased the price. Tinubu is not concerned about our suffering”, a taxi driver, Usman Abah, lamented.
He condemned the lack of information by NNPCL before the price increase was implemented, adding “they are taking us for granted. At the time I joined the queue, I assumed the price was still N897 per litre. I am in shock and confused.
At a Conoil outlet, opposite the NNPC Towers in the Central Area, Abuja, consumers watched in horror as the pump price was changed in their presence from N926 per litre to N1,040 per litre. Close by, at the TotalEnergies outlet, the station continued selling at the old price of N926 per litre.
