There was shock across Nigeria on Saturday as the price of Premium Motor Spirit (PMS), commonly known as petrol, rose sharply overnight.
Motorists and business owners who purchased fuel for ₦870 per litre at Nigerian National Petroleum Company (NNPC) retail outlets on Friday were stunned to discover a new pump price of ₦915 on Saturday morning.
Correspondents from Diaspora Digital Media (DDM) confirmed that the sudden hike was not limited to NNPC stations alone.
Mobil filling stations were selling at ₦910 per litre, while other independent marketers pegged their prices at ₦925 per litre.
The sharp upward adjustment has left Nigerians reeling, as the cost of transportation, goods, and services is expected to soar in the coming days.
Several motorists who spoke to DDM in Lagos, Abuja, and Port Harcourt expressed anger and confusion over the unannounced increment.
A commercial driver in Lagos, Chinedu Uzo, lamented that he had filled his tank at ₦870 on Friday, only to return Saturday morning and meet the new price at ₦915.
“I thought it was a mistake. Even the manager at the station was confused initially,” he said.
Many Nigerians are questioning whether the sudden hike is connected to the ongoing geopolitical crisis in Europe and the Middle East.
An oil analyst, Mr. Temitope Adefemi, told DDM that global crude oil prices have been under pressure due to fears of supply disruptions caused by the conflict.
“Though Nigeria is an oil-producing nation, we still depend on imports for refined products. So, any spike globally affects us directly,” he explained.
He added that while the war may contribute to price increases, a lack of transparency and competition in Nigeria’s downstream sector also worsens the situation.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has yet to release an official statement on the price changes.
Meanwhile, civil society organisations and labour unions are demanding explanations and have threatened protests if prices are not reversed.
Economic experts warn that without a strategic fuel subsidy policy or functional local refineries, Nigerians should brace forrecurring fuel price shocks.
