Nigerians were rudely shocked to learn that the Nigerian National Petroleum Company Limited and Aliko Dangote’s Dangote Refinery had raised the price of Premium Motor Spirit (petrol) again, this time to a range of N1030 to N1,200 per liter. This occurs at the same time that NNPCL raised the price of gasoline at all of its retail locations in
Lagos and the Federal Capital Territory, Abuja, from N855 and N897 to N998 and N1030 per liter. Also, checks conducted by DAILY POST revealed that the cost of gasoline in Enugu was between N1,200 and N1,300 per liter.Since the establishment of Dangote Refinery Petrol, which started fuel distribution on September 15, 2024, with NNPCL acting as the only buyer, this is the second raise. Checks conducted by DAILY POST revealed that Dangote Refinery’s price increased to N977 per liter from N898 per liter on September 15, 2024, as per NNPCL. According to sources aware of the development, the last two months have seen increases in fuel prices at NNPCL filling stations, which have gone from N557 and N617 per litre to N998 and N1,030 due to complete deregulation following the Dangote Refinery’s arrival.Despite the Nigerian government’s announcement that the Naira-for-crude sale to Dangote Refinery had started on October 1, this development has occurred. Many Nigerians who are already struggling financially have lost optimism that goods prices will decrease in light of the recent increases in fuel prices. This occurs a few weeks after Aliko Dangote, the president of the Dangote Group, recommended that the Nigerian government eliminate the fuel subsidy entirely.
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