Concerns As Petrol Price Increases, NNPC Releases New Rates by States
- Petrol pump prices across filling stations nationwide are now above N1,300 per litre
- NNPC, Ardova and other petrol marketers have adjusted prices to current market realities
- Residents and transport operators say the latest fuel price hike is worsening transportation costs
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerians across the country are grappling with rising fuel costs following a fresh adjustment in petrol pump prices by the Nigerian National Petroleum Company Limited and other oil marketers.
A survey conducted by the News Agency of Nigeria (NAN) showed that average petrol prices increased from about N1,250 per litre to over N1,300 at many filling stations, while some outlets sold as high as N1,440 per litre.
Source: Getty Images
Filling stations adjust petrol prices
In its latest adjustment, NNPC retail outlets raised petrol prices in Lagos from N1,230 to N1,320 per litre.
In Abuja, the product sold for N1,364 per litre, while northern states such as Yobe, Borno and Adamawa recorded some of the highest prices nationwide.
State-by-state NNPC data showed that Yobe recorded the highest petrol price at N1,395 per litre, followed by Borno at N1,390 and Adamawa at N1,385.
Conversely, Lagos, Ogun and Oyo recorded some of the lowest pump prices at N1,320 per litre. Osun sold at N1,325, while Ondo recorded N1,330 per litre.
Other states' NNPC prices include:
- Akwa Ibom: N1,345
- Bauchi: N1,375
- Bayelsa: N1,340
- Cross River: N1,335
- Delta: N1,340
- Edo: N1,345
- Gombe: N1,375
- Imo: N1,369
- Kaduna: N1,365
- Kano: N1,370
- Katsina: N1,377
- Kebbi: N1,365
- Kogi: N1,360
- Nasarawa: N1,370
- Plateau: N1,375
- Rivers: N1,340
- Sokoto: N1,378
- Taraba: N1,372
- Zamfara: N1,370
Also, Ardova, MRS, First Royal and other marketers are selling petrol at N1,310 to N1,340 depending on location in Lagos.
Reactions to new petrol prices
Speaking on the development, Mr Hassan Dogara, Station Manager at NNPC Falomo, described the fuel market as volatile, attributing the increase to global supply disruptions and rising operational costs.
According to him, fluctuations in the international oil market and logistics expenses have continued to affect local fuel prices, Whistler reports.
Source: Getty Images
Also reacting, a commercial driver in Lagos, Adeyemi Olufemi, said the increase has affected transport operators and commuters.
He disclosed that his daily fuel expenses had jumped from about N11,000 to nearly N23,000.
He said:
“The increase has made business difficult because many people now prefer walking or staying at home."
In Festac Town, a fashion designer, Oluwaseun Alamu, said he had become increasingly dependent on petrol-powered generators to sustain his business due to unreliable electricity supply.
“Things are very difficult now. paying for necessities is expensive, and I have had to reduce my living expenses drastically."
Similarly, a businesswoman in Surulere, Bilikis Oladeji, said she now spends at least N50,000 weekly on fuel to support her business activities.
Dangote petrol raises price
Legit.ng earlier reported that Dangote Refinery has increased its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N1,200 per litre to N1,275 per litre.
The refinery’s coastal price was also raised to N1,215 per litre, signalling fresh pressure across the downstream petroleum market and raising fears of a nationwide increase in pump prices.
Source: Legit.ng
