The administration of President Bola Tinubu has reportedly increased the price of petrol from N650 to N855 per litre, as indicated by the price displays at government-operated NNPC stations on Tuesday.
In the midst of a persistent fuel shortage and crisis, the fuel dispensers at government-affiliated NNPCL stations in Lagos and Abuja reflected the new price of N855 per litre, confirming speculations that the adjustment is a response to the nation’s ongoing foreign exchange challenges and rising fuel import costs.
Meanwhile, several other fuel stations have raised their prices to N897 per litre as of Tuesday morning.
Femi Soneye, the spokesperson for NNPCL, told the Peoples Gazette, “I’m not aware. But I’ll find out,” regarding the price changes.
Since President Tinubu’s administration began in 2023 and the removal of fuel subsidies, petrol prices have fluctuated between N580 and N700 per litre. However, the country has recently experienced severe fuel shortages, with the few stations that do have fuel charging over N900 per litre, while black market prices have skyrocketed to over N1,000.
On Thursday, the Tinubu administration issued a statement refuting claims that the official fuel price had reached N1,000.
“The federal government is compelled to address the outright falsehoods currently being circulated on social media, which claim that the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited to inflate petroleum prices above the approved pump price,” stated Nnemaka Okafor, special adviser to the Minister for Petroleum Resources.
