The Nigerian National Petroleum Company Limited (NNPCL) has again increased the pump price of petrol, causing concern among motorists and consumers across the country.
As of Monday, October 6, NNPCL retail stations in Wuse Zone 4 and Zone 6 in Abuja adjusted their petrol price from N890 to N905 per litre. This represents a N15 increase, or roughly 1.7 per cent.
Independent fuel marketers are also selling petrol within a similar range. According to the president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, most of their outlets are currently dispensing fuel between N885 and N895 per litre.
Maigandi linked the sudden price hike to disruptions in the supply chain, caused by a recent strike action by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). The strike was triggered by a labour dispute between PENGASSAN and Dangote Refinery over the sacking of a large number of Nigerian workers.
“PENGASSAN’s strike affected supply across the country. That is what caused the increase. But our members are still selling at slightly lower prices than NNPCL stations,” Maigandi told reporters.
The strike, which lasted for two days, drew the attention of the federal government. After intervention, the strike was suspended, and efforts are now underway to resolve the dispute between PENGASSAN and the Dangote Group.
The latest increase comes as Nigerians continue to grapple with rising living costs, worsened by inflation, high food prices, and the removal of fuel subsidy earlier in 2023. Since the removal of the subsidy, petrol prices have soared from around N185 per litre to over N900 in some areas.
With no immediate signs of relief, Nigerians are bracing for more economic pressure as transportation and logistics costs are expected to rise further.
