Nigerians, especially commuters and motorists, continue to struggle as Nigerian National Petroleum Corporation Limited (NNPCL) fuel stations have once again hiked petrol prices in Lagos and Abuja.

Nairametrics confirms that this is the third price hike in less than two months, with prices in Lagos rising from N998 to N1,025 per liter and in Abuja from N1,030 to N1,050 per litre.

In Lagos, NNPC outlets in Ikeja, Egbeda, Cement and Dopemu are now selling PMS at N1,025 per litre, Nairametrics can confirm.

Similarly, in Abuja, filling stations in Wuse, Kuje, Airport Road and other areas are now dispensing petrol at N1,050 per litre.

This latest increase comes more than a month after NNPC began extracting gasoline from the Dangote oil refinery gantry, following a long period of price negotiations.

On September 15, NNPC revealed that gasoline was sourced from Dangote refinery at N898 per liter. However, the refinery’s management refuted the pricing report as misleading, but did not disclose the actual price.

History

In September, NNPC revealed that it purchased gasoline from Dangote Refinery at N898.78 per liter but sold it to traders at N765.99 per liter, absorbing a subsidy of almost N133 per liter. The company stressed, however, that this arrangement was no longer viable.

Between September 15 and 30, NNPC extracted about 103 million liters of gasoline from the Dangote refinery. During this period, the refinery loaded 2,207 of the 3,621 trucks sent to it. These trucks transported a total of 102,973,025 liters out of the planned 400 million liters, initially planned to be transported at a daily rate of 25 million liters.

Following the lifting, the NNPC announcement new fuel prices for different locations across the country.

What you need to know

In recent months, fuel queues have persisted in major Nigerian cities, making it difficult for citizens to access gasoline.

• Although queues have eased somewhat since the September price hike, they are still visible in parts of Lagos, Abuja, Ogun and other states.
• At one point, Nairametrics reported that petrol prices exceeded N1,000 per liter in some northern states.

The gradual rise in fuel prices has been accompanied by the removal of subsidies, with the government still facing challenges in regulating the distribution of gasoline to traders and service stations.

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