The Nigerian National Petroleum Company Limited (NNPCL) has increased petrol pump prices for the second time within a 24-hour period. According to a survey conducted by Media Talk Africa, the pump price was adjusted to N875 per litre, up from N839 per litre, which was the price hike announced on Wednesday. This latest price increase has been implemented in various NNPCL filling stations across the nation’s capital, including those in Gwarimpa, Kubwa Express, Wuse Zones 6 and 4.
A filling station attendant, who wished to remain anonymous, confirmed that the new pump price took effect on Thursday. The attendant explained that the previous price of N839 per litre was an increase from the earlier price of N815 per litre. This means that within a span of 24 hours, the state-owned firm has hiked the fuel price by N60 per litre.
NNPCL is not the only company to increase fuel prices, as other filling stations such as Ranoil and Empire Energy have also raised their prices to between N899 and N900 per litre. Additionally, MRS filling stations have increased their fuel price by N100 to N839 per litre. A manager of an MRS filling station in Abuja confirmed that the retail price remains at N839 per litre.
The recent price hike comes on the heels of an increase in ex-depot prices by Dangote Refinery and depot owners to above N799 per litre. This move has resulted in a significant increase in retail fuel prices nationwide. The development is likely to have far-reaching implications for consumers and the economy as a whole.
The fuel price hike is a significant issue in Nigeria, where the cost of living is already high. The increase in fuel prices is expected to have a ripple effect on the prices of other goods and services, further exacerbating the economic challenges faced by many Nigerians. As the situation continues to unfold, it remains to be seen how the government and other stakeholders will respond to the increasing fuel prices and their impact on the economy.
