NNPCL Stuns Nigerians With New Petrol Price Increase –Cost Of Living Crisis Deepens

NNPCL Stuns Nigerians With New Petrol Price Increase –Cost Of Living Crisis Deepens

Barely three weeks after a previous increase, the Nigerian National Petroleum Company Limited (NNPCL) raised the price of Premium Motor Spirit (petrol) on Tuesday, leading to nationwide frustration..……CONTINUE READING 

New prices are now set at N1,060 per liter in Abuja and N1,025 per liter in Lagos, sparking concerns from citizens, the Organised Private Sector, and Civil Society Organizations.

Economic analysts and stakeholders, including prominent figures like Aliko Dangote, commented on the implications of these hikes, as Dangote urged retailers to distribute locally produced fuel from his Lagos refinery, valued at $20 billion. Experts warn that rising fuel prices could lead to inflation spikes, further straining Nigeria’s economy, which has seen inflation rise to a 28-year high of 34.2% in June.

Reactions from various sectors have highlighted the potential for further hardships, especially among small businesses and the general populace, with rising costs of production and transportation likely to elevate goods’ prices. The Nigerian Association of Small-Scale Industrialists, alongside civil society groups, calls for government intervention to mitigate these impacts.