The price of Premium Motor Spirit (PMS), popularly known as petrol, has surged to an all-time high of N955 per litre in some parts of Nigeria, sparking widespread concern among citizens and business owners already battling with rising inflation.
The Nigerian National Petroleum Company Limited (NNPCL) and independent marketers have implemented significant price hikes across major cities. In the Federal Capital Territory (FCT), NNPCL-owned filling stations have adjusted pump prices to N945 per litre, up from an average of N900, representing a jump of about N45.
In Lagos, NNPCL outlets are now selling at N915 per litre compared to previous rates of N870 to N880 per litre. Independent marketers in both cities are charging even more, with Abuja residents now paying up to N955 per litre at non-NNPCL stations. Lagos residents are facing similar increases, with prices ranging between N915 and N950 per litre, depending on the outlet.
Marketers attribute the increase to fluctuations in landing costs, high logistics expenses, and forex challenges. “The cost of importation, transportation, and forex has made it impossible to maintain old prices,” one marketer told our reporter in Abuja.
The development has triggered renewed outrage on social media, as commuters, transport operators, and small business owners lament the deepening cost-of-living crisis.
“This is unsustainable. How do ordinary Nigerians survive with such price hikes every few months?” asked Ruth Odion, a civil servant in Lagos.
As of press time, the NNPCL has not issued an official statement explaining the rationale behind the latest adjustments, but industry experts warn that without government intervention or stabilization policies, prices could climb even higher in the coming weeks.
The latest surge comes amid broader economic challenges, with inflation rising to over 34%, and the naira continuing to fluctuate sharply against the dollar.
