… petrol prices soar by 478% in 17 months, under Tinubu’s administration
Oredola Adeola
The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦998 per litre in Lagos.
Even higher prices have been reported across other regions, with petrol now selling for ₦1,025 in parts of the South-West, ₦1,030 in Abuja, ₦1,045 in the South-East, ₦1,075 in the South-South, and ₦1,070 in the North-East.
This latest hike, observed on Wednesday at various NNPCL mega stations nationwide, follows the company’s recent announcement that it would no longer serve as the sole off-taker of petroleum products from the Dangote Refinery.
This marks a significant increase from ₦185 per litre in May 2023, translating to a staggering 478.38% rise over a span of 17 months under President Bola Tinubu’s administration.
The increase comes as the downstream sector continues its shift towards full deregulation, following NNPCL’s recent announcement to end its role as the sole off-taker of products from the Dangote Refinery.
Advisors Reports gathered that this latest move has paved the way for a fully deregulated downstream sector.
The current increase marks the seventh time since President Bola Tinubu took office on May 29, 2023.
The first hike occurred shortly after the removal of the fuel subsidy was announced in the President’s inaugural speech, causing the pump price to jump from around ₦185 per litre to over ₦500, depending on the location.
In July 2023, NNPC raised prices again, with some areas seeing prices hit ₦617 per litre.
By August 2023, prices had climbed to ₦626.70 per litre, rising further to ₦668.30 in January 2024, and reaching ₦770.54 by July 2024.
By September 2024, the price had increased to ₦897 per litre, and this has thus increased from that amount to ₦977 per litre in Lagos and above.
Industry sources have attributed the latest spike to a rise in the landing cost of petrol from Dangote Refinery, which reportedly increased from ₦898 per litre to ₦977 per litre.
A correspondent from Advisors Reports, who monitored the situation in parts of Lagos including Falomo, Fadeyi, and Ikeja, confirmed that NNPCL Mega stations have implemented the new prices.
Chinedu Ukadike, National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), commented on the development, stating that the industry has fully transitioned to a “willing buyer, willing seller” model.
Oil marketers can now source petrol directly from Dangote Refinery, marking a significant shift toward compliance with the Petroleum Industry Act (PIA) and the complete deregulation of the downstream sector.
