NNPC raises petrol price to ₦992 in Lagos
The Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of petrol in Lagos from ₦865 to ₦992 per litre. The adjustment was noticed in many NNPC retail stations across the city, where attendants were seen recalibrating pumps to reflect the new rate.
This sudden hike represents a ₦127 increase for motorists, and the move comes with no immediate official explanation from NNPC. Some stations along the Lagos-Ibadan Expressway still display the old price, though they are not dispensing fuel. Others have already switched to the new rate.
Consumers and transport operators are expressing shock and concern. The increase will likely trigger a ripple effect on transport fares and the prices of goods, worsening inflationary pressures. Many households already grappling with rising costs may find this new price regime difficult to absorb.
Energy analysts suggest that the hike may be linked to the broader deregulation of Nigeria’s downstream sector, fluctuations in exchange rates, rising global crude oil costs, or adjustments related to supply logistics. Some also point to prior disruptions in fuel supply and increased operational costs in the petroleum value chain as possible justifications.
While NNPC has not publicly responded to calls for clarification, many observers anticipate that the increase could incite backlash from both the public and labour groups. The move underscores the fragility many Nigerians feel under current cost pressures and raises questions about how sustainable such pricing will be across the broader economy.
