Nigerians are facing another round of hardship as the Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol, also known as Premium Motor Spirit (PMS), from N537 to N617 per litre at some of its filling stations in Abuja¹². The new price is expected to be implemented across the country soon.
The hike in petrol price comes at a time when citizens are still struggling with the economic effects of the removal of subsidy on petrol by the President Bola Tinubu-led administration on May 29, 2023.
According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), the increase in fuel price is due to three factors: the recent rise in crude oil prices in the international market, the depreciation of the naira against the dollar, and the supply challenges faced by marketers.
Mike Osatuyi, the National Operations Controller of IPMAN, said that he had earlier projected that from the third week of July 2023, when new fuel imports come into the country, there could be an upward review of fuel pump prices, which has now happened.
He also warned that the prices in northern states such as Sokoto and Maiduguri could increase to N640 per litre due to transportation costs.
The NNPCL and the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NDMPRA) are yet to comment on the development.
Meanwhile, the federal government has announced plans to establish 9,000 filling stations for autogas co-location across the country as part of its efforts to provide cheaper and cleaner alternative fuels for Nigerians.
