The scorching economic hardship which Nigerians are currently passing through is about to double up as President Bola Tinubu’s administration through the Nigerian National Petroleum Company Limited has raised pump price of petrol by 14.8 per cent to N1,030 per litre from N897.
The latest price increase makes it the second time the petrol price has been increased in the past month under the draconian government of Mr Tinubu.
This means that, starting from this week, the new price structure will see residents of Abuja struggling with a cost of N1,030 per litre, while the official price of petrol has been set at N998 per litre, a figure that many fear may not reflect the fast changing market realities.
NNPC stations in major cities like Lagos and Abuja displayed the new prices boldly on their electronic boards, serving as a grim reminder of the nation’s economy woes.
Meanwhile, this sudden development follows NNPCL’s decision to end its exclusive offtake agreement with Dangote Refinery,
The NNPC has refused to officially speak on the matter. It is also not clear if NNPC is still importing petrol to augment the one produced by the Dangote refinery.
However, an official of the NNPCL who doesn’t want to be quoted said “bulk is close to N1000 based on cost from Dangote Refinery being circulated at N953.”
The source noted that the product will now sell for N998 per litre at the NNPC stations in Lagos and N1,025 in other South-West states. In Abuja, prices range between N1,030 to N1,065.
In Nigeria’s North-east, the petrol prices at the NNPC retail station will range between N1,060 and N1,070 while in the South-south prices are expected to move between N1,055 and N1,075 per litre for the product.
With the termination of the deal, NNPCL is no longer the sole buyer of refined products from the refinery, allowing independent marketers to negotiate fuel prices directly with Dangote Refinery.
