Nigerians Express Frustration as NNPCL Increases Fuel Prices Amid Economic Hardships

Earlier this week, Nigerians were taken aback when the Nigerian National Petroleum Company Limited (NNPCL) announced a new petrol pump price. The recent hike saw the retail price per litre increase from N617 to N857, exacerbating the country’s economic hardships.

The impact of the price hike is worsened by long-standing petrol shortages. With only a few filling stations dispensing fuel, long queues have persisted across the nation, especially in Abuja, for over two months. There are also concerns that some stations, particularly government-owned outlets, are adjusting meters despite the high fuel prices, further shortchanging consumers.

These developments coincide with NNPCL's admission of a $6 billion debt crisis in its overseas supply chain. Since the removal of fuel subsidies on May 29, 2023, pump prices have been volatile, with NNPCL maintaining its price at N617 per litre even as some independent retailers charge much higher.

Olufemi Soneye, Chief Corporate Communications Officer of NNPCL, acknowledged that rising fuel prices are a key factor behind the persistent queues, highlighting the challenges in sustaining supply amid increasing demand. Despite government assurances that no subsidies are being reintroduced, the public remains skeptical.

Private petrol retailers are now selling fuel for N900 and above per litre, compounding the financial strain on ordinary Nigerians. The Nigeria Labour Congress (NLC) has called for an "immediate reversal" of the fuel price increase, stating that the move undermines the new minimum wage agreement negotiated with President Bola Tinubu’s administration.

Similarly, the Network Against Corruption and Trafficking (NACAT) has condemned the hike, describing it as a "toxic" imposition of economic burdens by the current administration.

DAILY POST reported widespread discontent among residents in Abuja, with many expressing their pain and disappointment. One respondent remarked, "It is a terrible situation we’ve found ourselves in this country. No wonder people are running away to other countries, even those poorer than Nigeria.”

Another individual shared, “This morning, I paid N500 for a trip from Lugbe to Berger [which used to be N100], and by evening, it had increased to N700, some are even charging N800.”

“I’m a businessman. I sell shoes at Utako Market and I must go to my shop every day. Now, how do I make gains? While at the shop, won’t I eat? The government’s increase in fuel prices means the price of food and other basic needs will also rise. It’s getting harder for everybody.”