Nigerians are confronting another surge in fuel costs, as the Nigerian National Petroleum Company Limited (NNPCL) implemented a second price increase for premium motor spirit (PMS) within four days. The state-owned oil marketer raised the pump price from N960 to N967 per litre in Abuja and surrounding areas, a N7 increase that follows a prior adjustment earlier in the week.
The move has triggered immediate public frustration, highlighting the persistent economic strain on households and businesses. In Abuja, motorists and consumers voiced dismay at the new rates, citing the cascading effect on transportation and the general cost of living. “Fuel now is one thousand plus, and it’s going to be hard now because both transport to go out will increase and the condition of this country will just get worse,” said Darlington Ebube, a resident, echoing a widespread sentiment that fuel costs drive broader inflation.
The reaction quickly migrated to social media platforms, where Nigerians debated the causes and consequences. Some users pointed to global market dynamics and the need for stable supply chains, while others questioned domestic factors. References to the Dangote Refinery, which began operations last year, featured prominently in the discourse. One comment noted, “We have our own oil, our refineries, but still got affected by the war,” reflecting confusion over why local refining capacity has not insulated the country from price volatility. Another user criticized government reliance on the private refinery, alleging profit motives, while a different account defended the Dangote Group, noting high taxes and crude oil costs.
This latest adjustment underscores Nigeria’s vulnerable position in the global oil economy, despite being Africa’s largest crude producer. The removal of fuel subsidies in 2023 shifted full price exposure to the market, tying domestic pump prices directly to exchange rates and international crude costs. With inflation already high, each increase erodes disposable income and threatens to push more families below the poverty line. Transport operators are expected to pass on the costs immediately, affecting food prices and general economic activity.
The government has maintained that deregulation is necessary for market efficiency and to attract investment, but the pace of price adjustments continues to spark debate over social impact. While NNPCL has not issued a detailed statement on the frequency of the hikes, industry watchers note that forex liquidity and supply chain constraints often influence pricing decisions. For ordinary Nigerians, the recurring increases reinforce daily financial anxiety, with many seeing no tangible relief despite the country’s oil resources. The situation calls into question the speed and sustainability of solutions aimed at stabilising fuel supply and prices in the long term.
