Fuel price hike Nigeria.mynewslive
In yet another jarring development, Nigerians were met with anguish as the Nigerian National Petroleum Company Limited (NNPCL) raised the pump price of petrol by 15%, marking the third significant increase in just two months. Effective immediately, Premium Motor Spirit (PMS) prices soared to N1,030 per litre in Abuja, up from N897, and to N998 per litre in Lagos, previously priced at N855.
The deregulation of the petroleum sector has led to these relentless price hikes, which have caused widespread discontent among citizens. The expectation that the recently initiated crude-for-Naira deal might reduce costs was dashed, leaving many, especially motorists, to grapple with an ever-increasing cost of living.
Motorists and business owners alike expressed their dismay, with many decrying the lack of transparency in the price adjustments. At a Conoil outlet near NNPC Towers in Abuja, shocked customers witnessed firsthand the sudden price shift from N926 to N1,040 per litre, exacerbating the frustration.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) noted that the financial burden has become too much for some marketers to bear, leading to closures. Despite this, IPMAN expressed readiness to compete in a deregulated market, hoping the competition might eventually stabilize prices.
The Nigeria Labour Congress (NLC) strongly condemned the price hike, labeling NNPC’s price-setting power in a deregulated sector as “an aberration.” They demanded an immediate reversal, citing that previous increases had failed to improve the economic situation and only deepened poverty.
Business leaders, including the Centre for the Promotion of Private Enterprise (CPPE), voiced concerns about the ill-timing of the price increase, fearing it could worsen the already dire economic conditions. Small businesses, in particular, are expected to feel the brunt of the hike, as fuel prices impact logistics, production, and overall operational costs.
Citizens have expressed growing discontent with the government’s handling of the situation, warning of potential protests if relief is not provided soon. As the country navigates these challenging times, all eyes are on the government to deliver on promises of economic stability while mitigating the devastating effects of fuel price hikes.
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