Barely three weeks after raising the price of Premium Motor Spirit, popularly known as petrol, Nigerians were outraged when the Nigerian National Petroleum Company Limited adjusted the pump prices of the commodity on Tuesday, as oil marketers foresee further price hikes in the short term.
The national oil firm raised the retail price of petrol in Abuja to N1,060 from N1,030 per liter, 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 criticism from the Organized Private Sector, Civil Society Organisations, and Nigerians in general.
Experts and key followers of the Nigerian oil and gas sector fear inflation may further skyrocket following the latest hike. In June, it rose to a 28-year high (34.2 percent), which could compound the country’s hardships.
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.