Petrol stations across the country have raised their pump prices following the latest hike in supply costs. In the Federal Capital Territory (FCT), major and independent marketers sold petrol between N998 and N1,120 per litre. In Lagos, Mobil reduced its price to N996, while independent dealers sold at higher rates, ranging up to N1,090 per litre. Despite the price increase, many stations remained closed, leading to long queues at the few open outlets and a rise in black market sales where petrol was sold at N1,250–N1,300 per litre.
The Nigerian National Petroleum Company Limited (NNPCL) had earlier fixed new prices: N998 per litre in Lagos and N1,030 in Abuja. Across other regions, prices varied, with NNPCL setting prices up to N1,075 per litre. The price hike has sparked frustration among motorists, who have appealed to President Bola Ahmed Tinubu for intervention, urging a reduction in the cost of this essential product.
Dr. Muda Yusuf, an economist and CEO of the Centre for the Promotion of Private Enterprise, expressed concern over the price differences among marketers, noting that competition should lead to better pricing. Meanwhile, the Federal Government clarified that it had no hand in the recent price adjustments, attributing the rise to global market conditions and the end of the fuel subsidy regime in May 2023.
The Trade Union Congress (TUC) has called on the government to reduce the price of petrol to N450 per litre and urged authorities to license more marketers to source fuel from Dangote Refinery. TUC President, Festus Osifo, stressed the need for affordable and accessible fuel and advocated for alternative sourcing until Dangote Refinery reaches full capacity to meet demand.
