The latest hike in petrol prices by the Nigerian National Petroleum Company Limited (NNPCL) has led to a confrontation with the Independent Petroleum Marketers Association of Nigeria (IPMAN). The tension escalated after NNPCL raised the price of petrol to ₦1,030 per litre in Abuja and ₦998 in Lagos, pushing millions of Nigerians further into economic hardship.
IPMAN President, Abubakar Maigandi, expressed frustration over NNPCL’s pricing strategy, urging the company to sell petrol to its members at competitive rates based on the lower prices offered by Dangote Petroleum Refinery. Maigandi also called for the refund of funds held by NNPCL for over three months, further adding to the financial burden on petroleum marketers. The price adjustment, he stated, has made it impossible for IPMAN members to sell fuel at affordable rates, as they also have to bear the cost of transportation.
In defense, NNPCL officials, including the Managing Director of NNPCL Trading Company, Malam Lawan Sade, attributed the price hike to fluctuations in the international oil market and the weakening of the naira against the dollar. Sade assured Nigerians that prices could come down once government-owned refineries under rehabilitation come on stream.
Meanwhile, across Nigeria, the fuel price hike has caused transportation fares to skyrocket, leaving many Nigerians unable to afford commuting costs. Commuters and commercial drivers have expressed concerns, with public parks in the Federal Capital Territory witnessing low turnout of passengers. In Lagos, fuel scarcity and long queues have been reported at filling stations, with prices in some areas reaching ₦1,400 per litre.
Former Vice President Atiku Abubakar, in a social media post, criticized President Bola Tinubu’s handling of the fuel subsidy removal, labeling the situation as a “T-Pain,” a play on the American singer’s name, to describe the pain Nigerians are feeling due to the high cost of living. Additionally, former Minister of Transportation Rotimi Amaechi expressed his frustration, urging Nigerians to take more decisive actions and protest against the economic hardship.
The Trade Union Congress (TUC) has also called on the federal government to reverse the price hikes and source petrol from alternative suppliers if Dangote Refinery is unable to meet the country's daily demand. The fuel price hike has continued to stoke anger among Nigerians, with demands for immediate relief measures.
