NNPCL Raises Petrol Price to ₦998 Per Litre in Lagos, ₦1,030 in Abuja, Sparking Panic Buying

On Wednesday, petrol prices saw yet another steep hike at Nigerian National Petroleum Company Limited (NNPCL) filling stations, with motorists in Lagos and Abuja rushing to stock up on fuel in response to the sudden price increase. In Lagos, the pump price jumped to ₦998 per litre, a significant rise from the previous ₦855 per litre. Similarly, in the Federal Capital Territory (FCT), Abuja, prices surged to ₦1,030 per litre.

This is the second major increase within six weeks, triggering long queues at NNPCL outlets, including locations such as Abule-Egba, U-turn, and Abbatoir, as panic buying took hold. Other fuel stations quickly followed suit, with some stations in Lagos charging as much as ₦1,050 per litre.

The price surge mirrors the September 2024 hike, when NNPCL raised the cost of petrol from ₦568 to ₦855 per litre, a move that drew widespread public outcry. Since the government’s decision to remove the fuel subsidy in May 2023, prices have soared dramatically, with the cost of petrol in Lagos climbing from ₦184 to ₦998 per litre.

Though no formal statement has been issued by NNPCL regarding the most recent hike, the increase comes just weeks after the company began loading its first batch of petrol from the Dangote Refinery. At that time, NNPCL disclosed it was purchasing petrol at ₦898 per litre from the refinery and intended to sell it at ₦950 per litre in Lagos and ₦1,019 per litre in Borno. Dangote Refinery, however, denied selling fuel to NNPCL at that price, leading to a public back-and-forth between the two entities.

Dangote’s $20 billion refinery, located in Lagos, began operations in late 2023 with an initial production capacity of 350,000 barrels per day, which is expected to increase to 650,000 barrels per day by the end of 2024. While the refinery has already started supplying diesel and aviation fuel to Nigerian markets, petrol production is now being added to the mix.

Nigeria’s dependence on imported refined petroleum products, due to the non-operational state of its government-owned refineries, continues to exacerbate the nation’s energy crisis. The frequent fuel price hikes have compounded the struggles of many Nigerians, who rely on petrol not only for their vehicles but also for powering generators amid ongoing electricity supply challenges. Since the removal of the subsidy, the price of petrol has more than quadrupled, pushing it to over ₦1,000 per litre in some areas and deepening the financial burden on the populace.

As queues at petrol stations become a regular occurrence, many Nigerians face the tough reality of soaring fuel costs in a country grappling with persistent economic challenges.