Abuja, Nigeria — Less than a month after the last adjustment, Nigerians are grappling with another petrol price hike as the Nigerian National Petroleum Company Limited (NNPCL) raised prices on Tuesday, sparking outrage and widespread criticism. The new pump price in Abuja jumped to N1,060 from N1,030 per litre, while Lagos saw an increase to N1,025 from N998 per litre.
The impact of the adjustment extends beyond the fuel sector, as experts warn of further inflation pressures that could drive essential costs even higher. After inflation reached a 28-year peak of 34.2% in June, many Nigerians fear the rising fuel costs will exacerbate economic hardship.
In response to the continued importation of petrol despite domestic production, Dangote Group President Aliko Dangote expressed frustration, urging marketers to prioritize locally refined fuel over imports. The $20 billion Dangote Refinery, which launched in Lagos in December 2023, was designed to reduce Nigeria’s reliance on imported fuel. However, Dangote insists that the responsibility lies with the marketers and NNPCL, stating, “I am expecting either the NNPCL or the marketers to stop importing; they should come and pick because we have what they need.”
Representatives from the Organised Private Sector (OPS) and Civil Society Organisations (CSOs) have voiced concern over the impacts of price hikes on business operations and daily life. Segun Kuti-George of the Nigerian Association of Small-Scale Industrialists warned, “The increase will drive inflation up further, making local goods more expensive, which could ultimately harm local industries.”
Auwal Musa Rafsanjani of the Civil Society Legislative Advocacy Centre called for stronger anti-corruption measures and taxes on the wealthy to offset the cost of removing subsidies. He stated, “What the Nigerian government needs to do is block the corruption in the fuel subsidy… and tax those who are not paying taxes.”
Nigerians on social media expressed frustration, resignation, and calls for action. One user, @GodwinOnoghokere, speculated the price could hit N1,500 per litre by December, while @MakyurBenjamin suggested a boycott of fuel stations.
As fuel costs and inflation pressures mount, the government’s deregulation policy has raised questions on the long-term sustainability of living expenses in Nigeria.
