The Nigerian National Petroleum Company (NNPC) Limited has raised petrol prices again in October, further straining Nigerians grappling with a rising cost of living.
This latest price hike marks the second increase in the month, as NNPC adjusts the price of premium motor spirit (PMS) across its retail stations nationwide.
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Reports by TheCable reveal that the pump price initially jumped from N855 per litre in September to N998 per litre on October 3. Now, the price has surged even higher, reaching N1,025 per litre at an NNPC outlet on Ago Palace Way, Okota, Lagos. In Abuja’s Kubwa area, a station reported petrol prices climbing to N1,050 per litre.
Other private filling stations, including Mobil, Rain Oil, and AA Rano, have responded by adjusting their prices as well, with rates varying between N1,100 and N1,250 per litre across regions.
The price surge comes amid ongoing changes in Nigeria’s fuel supply landscape. On September 15, the NNPC resumed sourcing petrol from the Dangote Petroleum Refinery following extensive price negotiations, securing fuel at N898 per litre from the refinery. However, the Dangote refinery later countered NNPC’s claims regarding the pricing, describing them as “both misleading and mischievous.”
In response to the NNPC’s price guidance, the Independent Petroleum Marketers Association of Nigeria (IPMAN) raised concerns on October 10, urging the NNPC to either refund marketers or supply them fuel at the Dangote refinery’s rate.
According to IPMAN, members have had funds tied up with NNPC for over three months. Despite procuring petrol from Dangote at below N900 per litre, NNPC is offering the product to marketers at higher rates — N1,010 in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri.
The federal government recently responded, allowing marketers to purchase petroleum directly from the Dangote refinery and other local producers. This decision followed a previous directive restricting sales from the refinery exclusively to NNPC.
