In a move that has sparked widespread discontent across Nigeria, the Nigeria Labour Congress (NLC) and the Organised Private Sector are calling for the immediate reversal of the recent increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, as reported by Punch.
The price adjustment, implemented by the Nigerian National Petroleum Company Limited (NNPCL), has left many Nigerians frustrated as they deal with rising living expenses.
The latest price increase saw petrol prices in Abuja soar to N1,030 per litre from N897, while in Lagos, prices climbed from N868 to N998 per litre.
This marks the second notable price jump in just one month, with other regions seeing similar trends. The increase, which represents a 14.8% rise (or N133), has left many in disbelief.
Since the current administration took office in May 2023, petrol prices have surged by over 430%, intensifying the economic hardship faced by millions of Nigerians.
Just last month, NNPCL raised the pump price from N617 to N897 per litre, citing its financial challenges in meeting obligations to international oil suppliers due to a $6.8 billion debt.
With prices now exceeding N1,000 in various parts of the country, the situation has become unbearable for many.
At the NNPCL mega station in Central Area, Abuja, customers were stunned when attendants verbally announced the new price of N1,030, without displaying the rates on the station’s signboard or pump meter.
One customer expressed his frustration, saying, “I waited in the queue, assuming their price would be reasonable, only to find out it had risen to N1,030. This is unacceptable.”
This development follows NNPCL’s decision to end its exclusive purchase agreement with Dangote Refinery, opening the door for other players in the downstream sector to purchase directly from the refinery.
As a result, the government has effectively removed the petrol subsidy, with the product now sold on a “willing buyer, willing seller” basis, causing prices to escalate.
Some filling stations in Abuja, including Eterna, sold petrol for as high as N1,200 per litre, while Mobil sold at N990 per litre.
Most NNPCL stations in the city did not display their pump prices, leading to confusion among customers.
The petrol price hike has also led to a sharp rise in transportation costs across the country.
In Abuja, fares for a one-way trip from Lugbe to Wuse have increased from N700 to N1,000.
In Borno State, fuel prices spiked to N1,250 per litre, while in Katsina, many filling stations were closed, resulting in artificial scarcity and prices ranging from N1,100 to N1,250.
Similar price hikes were seen in other states. In Kwara, NNPC sold petrol at N1,045 per litre, while private stations charged up to N1,300.
In Edo, prices ranged between N1,200 and N1,250, while in Delta, the range was from N1,100 to N1,200.
Other states like Abia, Yobe, and Ondo also experienced significant price increases, with some stations changing their prices multiple times in a day.
The NLC and the Organised Private Sector have urged the government to immediately reverse this latest price hike.
They argue that the continuous price increases are unwarranted and are pushing the average Nigerian further into financial hardship.
With transportation fares and the cost of goods increasing daily, many believe this is a critical moment for the government to address the crisis and offer relief to the struggling population.
