The Nigerian National Petroleum Corporation Limited (NNPC Ltd.) has denied any plans to increase the fuel pump price again, following the recent hike from N537 to N617 per litre. The company said it has adjusted its pump price of petrol across its retail outlets, in line with the current market realities.
The NNPC Ltd. also assured Nigerians that it is committed to ensuring ceaseless supply of products and that prices will continue to fluctuate to reflect market dynamics¹. The company said it regrets any inconvenience caused by the price adjustment and appreciates the continued patronage, support and understanding of its customers.
However, some independent marketers have said that the low value of the naira and the high cost of foreign exchange are putting pressure on the fuel importers, including the NNPC Ltd. They said that every marketer stands alone with its different cost elements and that the fuel pump price depends on their cost². They also said that if the naira continues to depreciate in the foreign exchange market, an increment of fuel prices would be imminent.
The fuel price hike has sparked panic buying among motorists and other consumers, as some filling stations have adjusted their fuel pump price to over N600 per litre in some cities, including Lagos. Some Nigerians have expressed their displeasure over the situation and called on the government to intervene and provide relief for the masses.
