Motorists across Nigeria are feeling the pinch as the Nigerian National Petroleum Corporation Limited (NNPCL) pushes fuel prices to unprecedented levels.
In Abuja, the pump price surged to N1,030 per litre, up from N897, causing long queues and frustration at filling stations. In Lagos, the price now stands at N998 per litre, up from N885.
The price hike follows NNPCL’s withdrawal from absorbing the subsidy on fuel sold by the Dangote Refinery, signaling a shift towards full deregulation. This move means independent marketers will now negotiate prices directly with Dangote under a “willing buyer, willing seller” arrangement.
NNPCL officials pointed to the heavy financial strain of maintaining the subsidy as the catalyst for this decision.
Motorists have expressed concern over the rising costs, with many questioning how long they can cope with the skyrocketing prices amidst an already difficult economic climate.
Daily Trust
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