The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (petrol) to between N925 and N950 per litre, sparking fresh concerns over inflation and transportation costs. The new prices, which took effect on Monday, June 24, reflect a significant jump from previous rates of N617 to N700 per litre.
This development comes amid a nationwide scarcity of the product, with queues resurfacing at filling stations in major cities including Abuja, Lagos, and Port Harcourt. According to sources within the downstream sector, the hike is attributed to increased landing costs and logistics expenses following the continued devaluation of the naira and global oil market dynamics.
Independent marketers are reportedly selling petrol at over N950/litre in some parts of the country, while depots are dispensing at prices ranging between N825 and N850 per litre. The situation has led to widespread hardship for motorists and commuters, with transport fares rising steeply across the country.
Despite the hike, NNPCL has yet to issue an official statement explaining the rationale behind the price adjustment. Industry experts have warned that unless the government intervenes or provides relief measures, the new rates could further worsen the cost-of-living crisis in Nigeria.
