Barely three weeks after the last hike in price of Premium Motor Spirit, popularly known as petrol, there has been an adjustment in the pump prices of the commodity.
Nigerians were outraged when the Nigerian National Petroleum Company Limited on Tuesday announced the increase, as oil marketers foresee further price hikes in the short term.
The firm raised the retail price of petrol in Abuja to N1,060 from N1,030 per litre, one of our correspondents observed across multiple NNPCL stations in the Federal Capital Territory on Tuesday.
In Lagos, it was confirmed that NNPCL stations increased the unit price of the commodity from N998 to N1,025 per litre, which received widespread criticisms from the Organised Private Sector, Civil Society Organisations and Nigerians in general.
Experts and key followers of the Nigerian oil and gas sector fear inflation in the country may further skyrocket following the latest hike, after it rose to a 28-year high (34.2 per cent) in June, which could compound the hardship in the country.
This came as the Dangote Petroleum Refinery faulted the continued importation of petrol by oil marketers and NNPCL despite the fact that the commodity was produced in the country by the $20bn Lekki-based plant.
The President of Dangote Group, Alhaji Aliko Dangote, raised the concern in Abuja on Tuesday after he was summoned by President Bola Tinubu, alongside the Minister of Finance, Wale Edun, and the Group Chief Executive Officer of NNPCL, Mele Kyari.
The new petrol price in Abuja is an increase of N30 from the old price, while in Lagos it is an increase of N27.
This adjustment also marks the third price change between September and October 2024 and is part of the government’s deregulation policy, which allows prices to fluctuate based on supply and demand dynamics.
