Fuel consumers across Nigeria were hit with another wave of price hikes over the weekend, as several petrol stations adjusted their pump prices upward, with reports confirming prices reaching as high as ₦970 per litre in some locations.
This latest surge follows a sharp increase in ex-depot prices, the rates at which fuel is sold to marketers by depot owners. Industry insiders reveal that a litre of premium motor spirit (PMS), commonly known as petrol, now sells between ₦885 and ₦910 at private depots, forcing retailers to push prices closer to ₦1000 at the pump.
In Abuja, Lagos, Port Harcourt, and parts of the North, long queues resurfaced at fuel stations, particularly those owned by major marketers selling at relatively lower prices. Independent marketers, however, adjusted their prices to reflect the rising cost of procurement and transportation, citing foreign exchange volatility, high landing costs, and distribution bottlenecks as major drivers of the crisis.
Consumers are expressing growing frustration over the escalating cost of living, as the latest fuel price hike further compounds inflationary pressures on food, transportation, and essential services.
Petroleum marketers have called on the Federal Government to urgently intervene by stabilizing the foreign exchange market, streamlining import processes, and resolving logistical inefficiencies that have plagued fuel distribution in recent months.
Amid mounting public outcry, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has remained silent, while officials from the Nigerian National Petroleum Company Limited (NNPCL) have yet to provide clarification on the worsening supply situation.
Since President Bola Ahmed Tinubu’s removal of fuel subsidy in May 2023, pump prices have been largely dictated by market forces. However, critics argue that deregulation without adequate infrastructure and forex support has left the country vulnerable to erratic pricing and worsening hardship.
With no immediate relief in sight, Nigerians brace for tougher times ahead as the cost of petrol continues to rise, threatening mobility, small businesses, and general economic stability.
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