The Nigerian National Petroleum Company Limited (NNPCL) once again increased the petrol pump price on Tuesday. NNPCL adjusted the price of Premium Motor Spirit (PMS) across its stations, with Abuja’s rates moving from N1,030 to N1,060 per litre, and Lagos stations from N998 to N1,025 per litre.
The new price adjustment comes on the heels of previous hikes, prompting consumers and industry experts to express concerns over the impact on household and business expenses.
The latest price changes mark the third increase between September and October, as the government continues its deregulation policy.
However, NNPCL has yet to issue an official statement on the new price adjustments. Still, the pattern of periodic increases partly due to exchange rate volatility has intensified debates over the economic hardship felt nationwide.
Meanwhile, Aliko Dangote, President of Dangote Group, voiced his frustration over the continued importation of petrol by NNPCL and oil marketers, despite local production by the Dangote Refinery.
After a meeting with President Bola Tinubu and NNPCL’s Group CEO Mele Kyari, Dangote emphasised that he was producing enough petrol domestically for the country’s needs, urging marketers to buy from his facility instead of importing.
He said, “I have a refinery, I’m not in retail business. If I’m in retail business then you can hold me responsible. But what I’m saying is that the retailers should please come forward and pick (petrol). If they don’t come forward and pick, what do you want me to do?
“So, I am expecting either the NNPCL or the marketers to stop importing; they should come and pick because we have what they need. And as they move, I will be pumping,” Dangote stated after the meeting with the President in Abuja.”
Although the exact reasons behind this latest increase remain unspecified, it reflects the global price shifts and the company’s strategic response to evolving market conditions.
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