Petrol Prices Climb Higher: Nigerians Brace For More Hardship As NNPC Announces New Prices

Petrol Prices Climb Higher: Nigerians Brace For More Hardship As NNPC Announces New Prices

As Nigerians express frustration over the recent surge in fuel prices implemented by the Nigerian National Petroleum Company (NNPC) Limited, Naija News provides the latest updates on petrol shortages, price increases, and the reactions from both the government and citizens.…….CONTINUE READING 

Faced with escalating economic challenges, President Bola Tinubu’s administration has once again raised petrol pump prices through the NNPC.

Reports indicate that residents of Lagos and Abuja will now pay N1,025 and N1,060 per litre, respectively. Previously, prices in October were set at N1,030 in Abuja and N998 in Lagos at NNPCL stations, while other outlets charged between N1,150 and N1,200 per litre.

According to the Peoples Gazette, NNPCL stations in Lagos and Abuja displayed the revised prices on Tuesday, a decision attributed to ongoing economic conditions that threaten to further burden Nigerians already grappling with a rising cost of living.

Since President Tinubu took office on May 29, 2023, and announced the end of fuel subsidies, petrol prices have skyrocketed from N145 to over N1,000, adding to the financial strain on citizens.

President Bola Ahmed Tinubu is receiving briefings from the Implementation Committee on Crude Oil and Refined Products Sales in Local Currency at the Aso Rock Presidential Villa in Abuja. Chaired by Finance Minister Wale Edun, the committee includes prominent figures such as Aliko Dangote, Chairman of Dangote Group, and Mele Kyari, Group CEO of the NNPC.

This briefing comes on the heels of the Federal Government’s recent policy shift to sell crude oil to the Dangote Refinery in naira rather than U.S. dollars, a change approved by the Federal Executive Council. The government aims to stabilize domestic fuel prices and bolster Nigeria’s currency by minimizing dependence on dollars for oil transactions.

Under this new policy, the NNPC is authorized to supply crude oil in naira, starting with the Dangote Refinery as the initial pilot facility.

The Ghana National Petroleum Authority (NPA) has announced plans to explore sourcing petroleum products from the newly operational Dangote Petroleum Refinery in Nigeria, aiming to reduce its reliance on more expensive imports from Europe.

NPA Chairman Mustapha Abdul-Hamid revealed this potential shift during the OTL Africa Downstream Oil Conference in Lagos on Monday. The Dangote Refinery, which began refining crude oil on September 3, boasts a production capacity of 650,000 barrels per day (bpd) and initiated operations in January with diesel and aviation fuel production.

Once operational at full capacity, Abdul-Hamid stated, Ghana could significantly decrease its $400 million monthly expenditure on European imports. He emphasized that importing from Nigeria would also reduce freight costs, potentially benefiting the prices of various goods and services in Ghana. He further suggested that a common African currency could further diminish reliance on the dollar, which would stabilize regional trade and currency dynamics.