The Nigerian National Petroleum Corporation (NNPC) has announced an increase in the pump price of premium motor spirit (PMS), also known as petrol, to ₦1,075 per litre.
Lagos – ₦998
South West- ₦1,025
Abuja – ₦1,030
South East – ₦1,045
South South – ₦1,075
North East- ₦1,070
This is because NNPC claimed that they were buying fuel at ₦898/l from Dangote Refinery, and selling to marketers at ₦765/l, therefore covering the offset of ₦133. Also note that it is the third increase in 30 days.
Recently, it was reported that it was no longer sustainable. That is the reason they are reportedly, set to end their exclusive partnership with DR. With this new price, independent marketers may sell up to ₦1,300.
According to NNPC, the first batch of petrol shipments from DR is about to finish.
The new price takes effect immediately, according to a statement released by the NNPC.
The announcement has sparked mixed reactions from Nigerians, with some expressing concern about the impact on the economy and others acknowledging the need for price adjustment. Fear of scarcity is also on the minds of the citizens.
The price increase is expected to:
1. Affect transportation costs
2. Influence inflation rates
3. Impact small-scale businesses
This new price also will:
1. Increase fuel expenses for households
2. Affect costs of goods and services
3. Impact economic recovery efforts
The NNPC’s decision to increase petrol price highlights the ongoing challenges in Nigeria’s energy sector. As the country navigates economic uncertainty, Nigerians will be watching for further developments.