Fuel Crisis Deepens: IPMAN Breaks Silence On Scarcity And Shocking Price Hike

“We can no longer refer to this as just an increase; it’s the removal of the subsidy, and deregulation has now fully begun,” he explained.

Naija News reports that the Nigerian National Petroleum Company Limited (NNPCL) has raised prices for premium motor spirit (PMS), commonly known as petrol, in major cities. In Lagos, the price per litre jumped from ₦855 to ₦998, while in Abuja, it increased from ₦897 to ₦1,030.

This change follows President Bola Tinubu’s announcement of the subsidy program’s termination, which he officially declared “gone” during his inauguration in May 2023. At that time, fuel prices averaged around ₦200 per litre nationwide, but they have since continued to rise due to policy changes and the devaluation of the naira, which has driven up the costs of essential goods and services, impacting millions across the country.

In addition to pricing issues, Nigeria has also been grappling with fuel shortages, leading to long queues at filling stations nationwide. However, Garima expressed optimism that with the complete implementation of deregulation, fuel availability should soon improve.

“The change Nigerians can anticipate now is availability since there is no subsidy. The NNPC will no longer be the only importer; other marketers will also participate. They can purchase products directly from Dangote Refinery, not just from NNPC,” Garima stated.

According to IPMAN, this shift is expected to help resolve scarcity issues by allowing multiple players in the market to provide fuel, ultimately stabilizing supply throughout Nigeria.