Petrol Price Increases Again As NNPCL Sells Above N1000 Per Litre Across States
The Nigerian National Petroleum Company Limited (NNPCL) has again increased the price of Premium Motor Spirit (PMS), better known as petrol across states.
This is coming barely few weeks after the corporation increased petrol price across states in the country.
While the new price is ₦1,025 per liter in Lagos, the product in Abuja will now sell at N1,060 per litre, instead of the ₦998 and N1,030 that was increased earlier this month.
This is the third price adjustment between September and October 2024.
Although the NNPCL has not released any official statement on the latest increase in petrol prices, the development is believed to be a fallout of the government’s deregulation policy.
This adjustment, attributed to worsening economic conditions, is expected to further challenge Nigerians already struggling with rising living costs.
Since President Bola Tinubu’s subsidy removal announcement on May 29, 2023, petrol prices have surged from ₦184 to ₦1,025 in Lagos state, ₦145 to over ₦1,000 per litre in other states, deepening financial strain across the nation
SEE ALSO: ‘Buy Petrol N1000/litre Or CNG At N200’ – President Bola Tinubu To Nigerians | Details
Meanwhile, the President and Chief Executive of Dangote Group, Aliko Dangote, has offered a solution to the lingering issue of fuel queues in the country.
While briefing State House reporters in Abuja on Tuesday, October 29, 2024, Dangote advised the NNPCL and marketers to stop fuel importation.
He said his refinery is the solution to the lingering fuel queues across the country.
“What I estimated as our daily consumption is about 30–32 million litters, that one we can even start producing by next week.
That is not really an issue because as we speak today, we have 500 million litres in our tanks. With that even if there is no production anywhere or no import, that will take the country more than 12 days,”
Dangote added.
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While urging the NNPCL and marketers to stop importing, he promised that his refinery is ready to supply the market with 30 million litres of petrol per day.