Petrol Price Increases Again, Hits N700 Per Litre, NNPC Sends Message to Nigerians

Petrol Price Increases Again, Hits N700 Per Litre, NNPC Sends Message to Nigerians

  • Some filling stations have adjusted the pump price of petrol, especially in the northern parts of the country
  • This is happening despite assurances from the NNPC Limited that there will be no increases in the commodity
  • Already, life is difficult for Nigerians, and any increase in petrol prices is set to lead to more hardship and suffering journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

Some filling stations have adjusted the pump prices of Premium Motor Spirit, popularly called petrol, adding to the burden of already stretched Nigerians.

Petrol price Nigeria
New petrol pump price for northern states Photo credit: VOA, Yahoo Finance
Source: Facebook

Reports from Daily Trust said independent marketers in Sokoto and Borno are now asking motorists to pay over N700 per litre.

A motorist in Borno, who was interviewed, said:

Read also

Cost of cooking gas increases again, hits new record as dollar sells for N1,500

"And for those fuel stations where a litre cost N700, they do tamper the reading of the dispensing machine. After everything you will realise that the fuel cost is above N750 sometimes."

Meanwhile, in Sokoto, it sells between N690 and N700 in some filling stations.

The petrol price reported in Kano was between N620 and N690/l depending on the filling station, while NNPC filling stations were selling at N620/l.

However, checks by at some filling stations in Lagos show that one litre of petrol is being sold between N620 and N640.

NNPC says no increase in fuel price

The rise in petrol prices comes a few days after NNPC Ltd, in a message last week, urged Nigerians to disregard unfounded rumours and assured that there were no plans for an upward review of PMS prices.

Read also

Nigerian importers abandon containers at seaports as customs increase exchange rate for clearance

The message reads:

"The Nigerian National Petroleum Company (NNPC) Ltd. assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.
"NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.
"Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country."

PHC refinery set to begin operations

Meanwhile, NNPC has announced that progress has been made so far at the Port Harcourt Refining Company (PHRC).

The latest development is the supply of 475,000 barrels of crude oil from Shell Petroleum Development Company Limited for the refinery to begin operations.

There is hope that when completed, petrol prices will go down.

Marketers speak on fuel scarcity reported that oil marketers have expressed fears that petrol may be scarce if the NNPCL does not make petrol available to depot owners and other dealers soon.

Read also

NLC to Tinubu: Curb inflation or face N1 million minimum wage demand

The marketers said the long queues at the filling stations in Lagos and parts of Ogun state may spread to other parts of the country if the national oil firm needs to act faster.

Residents of Lagos and parts of Ogun states began to witness queues at different petrol stations on Tuesday, February 6, 2024, which caused traffic in some areas.


Online view pixel