NNPCL raises petrol prices again

In a surprising move, the Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,025 per litre from the previous N998 per litre in Lagos and its surrounding areas.

This adjustment, effective immediately, now sets the petrol price at N1,060 per litre in Abuja.

This marks the third price increase within the span of September and October 2024, with the last hike occurring approximately three weeks ago.

The latest rise has sparked criticism among analysts, particularly since crude oil prices in the international market have dropped by around 8%, falling from $78 to $72 per barrel.

While many NNPCL filling stations promptly updated their prices, some independent operators remained unaware of the new rates, continuing to sell at the previous price.

The announcement follows President Bola Tinubu’s recent claims that his administration is addressing fuel price hikes. Last week, he stated, “motorists can buy petrol at N1,000 per litre or equivalent gas per Standard Cubic Meter at N200.”

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In a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, President Tinubu emphasized the government’s investment in Compressed Natural Gas (CNG) as a potential solution to rising fuel costs.

He praised the Nigerian Independent Petroleum Company (NIPCO) Plc for its investment in energy transition initiatives, which he believes will help alleviate the burden of petrol price hikes on consumers.

Tinubu highlighted the importance of public-private partnerships in advancing cleaner energy solutions, lauding NIPCO’s contributions to the “Switch to CNG” campaign.

He noted that CNG offers a cleaner, more affordable alternative to petrol, potentially reducing fuel costs for Nigerians and the nation’s reliance on petrol.