The Nigerian National Petroleum Company Limited (NNPCL) has once again raised the price of Premium Motor Spirit (PMS), also known as petrol, to N1,025 per liter in Lagos and N1,060 per liter in Abuja, marking the third price adjustment in two months. This comes amid a drop in the price of Nigeria's Bonny Light crude to $72 per barrel, reflecting market adjustments in the wake of deregulation.
Motorists in Lagos rushed to stations before the adjustment took effect, while in Abuja, major stations temporarily closed to update prices. Some independent marketers have already increased prices to N1,150-N1,200 per liter, as they align with NNPCL’s deregulated pricing model. This adjustment, attributed to fluctuating crude oil prices and the naira's depreciation to N1,664/$, has added strain to the finances of Nigerian households.
Reacting to the hike, the CEO of the Centre for the Promotion of Private Enterprises, Dr. Muda Yusuf, emphasized that while deregulation may drive the increases, the government must consider social relief measures to support struggling citizens. Echoing these sentiments, the Movement for a Socialist Alternative (MSA) condemned the continued hikes, labeling them an aggressive push in the government’s neoliberal agenda and an attack on workers’ livelihoods.
President Bola Tinubu has called for oil sector stakeholders, including NNPCL and the Dangote Refinery, to increase domestic production and reduce dependence on imports, noting that transitioning to naira-based sales of crude oil could support economic stability. The government aims to eliminate foreign exchange barriers and boost Nigeria’s self-sufficiency in fuel production.
