The Nigerian National Petroleum Company Limited (NNPC) has raised the pump price of petrol for the second time in a month, causing widespread outrage among Nigerians. In Abuja, the price has surged by 14.8%, now standing at ₦1,030 per litre, up from the previous ₦897. In Lagos, the new price is ₦998 per litre.
This latest hike follows a previous increase in September, when the price was raised from ₦615 to ₦897 per litre. The continuous rise in petrol costs has sparked a wave of frustration, leading to NNPC trending on X (formerly Twitter) as citizens voice their anger.
The price hike comes shortly after NNPC ended its exclusive purchase agreement with Dangote Refinery, allowing other marketers to buy petrol directly from the refinery. This move was seen as a shift towards deregulation in the market, but it has done little to calm public concerns over the rising fuel costs.
This means the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery. ✍️“feel free to disagree in the comments 👀 ☝️👆 & let JAIYEORIE know what U think!” 📎
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