Nigeria fuel price hike N955 per litre
The Nigerian National Petroleum Company Limited (NNPCL) and private marketers have jointly increased the price of Premium Motor Spirit (PMS), commonly known as petrol, to N955 per litre. This marks a 6.8% rise from the previous price of N890 per litre. The new rates are now in effect across various filling stations in Lagos and Abuja, with NNPCL outlets in Lagos selling at N992 per litre and those in Abuja at N955 per litre.
Chinedu Ukadike, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), attributed the hike to supply and logistics challenges faced by major marketers, including NNPCL and Dangote Refinery. He noted that Dangote Refinery had increased its loading price to N845 per litre, up from N825, thereby influencing the retail price to range between N900 and N955, depending on the location.
This fuel price increase coincides with a significant rise in the cost of cooking gas (LPG). The price of LPG has surged from N1,000 per kilogram to N3,000 per kilogram, leading to a 12.5kg cylinder refill now costing N37,500, up from N12,500. This combination of fuel and cooking gas price hikes is contributing to increased financial hardship for households across the country.
The recent adjustments in fuel and cooking gas prices are part of broader economic challenges facing Nigeria, including inflationary pressures and supply chain disruptions. These developments are expected to have significant implications for household budgets and the overall cost of living in the country.
