Again, Federal Govt Hikes Fuel Price

The Nigerian National Petroleum Company Limited (NNPCL) has, again, raised the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,025 per litre from the previous rate of N998 per litre in Lagos and surrounding areas.

Recall that about three weeks ago, NNPC hiked fuel price to about N1,030 per litre in Abuja and N998 in Lagos.

This new increment will see Nigerians in Abuja and Lagos now buying petrol for N1,060 and N1,025 per litre respectively.

This adjustment, announced on Tuesday, marks the third price change in September and October 2024.

Analysts, however, fault the latest hike given the fact that crude oil price in the international market has dropped approximately 8% to $72 per barrel from $78 per barrel.

Interestingly, many NNPCL filling stations quickly updated their prices, while other operators remained unaware of the change and continued selling at the old rate.

This increment comes barely one week after President Bola Tinubu boasted that his administration has provided Nigerians with a workable solution to the hike in the fuel price.

According to the President, “motorists can buy petrol at N1,000 per litre or equivalent gas per Standard Cubic Meter at N200”.

A press statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy last Tuesday stated that President Tinubu’s belief is that investment in CNG will make Nigerians forget about the fuel price hikes.

The statement said Tinubu thanked the Nigerian Independent Petroleum Company (NIPCO) Plc for its prompt investment in the energy transition, saying the company’s investment aligns with his administration’s energy security and economic diversification strategy.

The statement reads: “He emphasised the importance of public-private partnerships in driving the transition to cleaner and more affordable energy solutions for Nigerians.

“The President lauded NIPCO’s efforts in promoting and supporting the “Switch to CNG” campaign, which has been instrumental in boosting public awareness and providing affordable CNG conversion kits even before the official kickoff of the Presidential CNG Initiative.

“He highlighted the significance of this initiative in reducing the nation’s reliance on petrol and cutting down fuel costs for consumers.

“CNG, being a cleaner and more affordable fuel, reduces the carbon footprint and saves consumers significant fuel costs.”