The recent adjustment in petrol prices by the Nigerian National Petroleum Company Limited has sparked outrage among Nigerians, coming shortly after a previous increase in the price of Premium Motor Spirit. The new prices observed in Abuja and Lagos have been met with criticism from various sectors of society.
Concerns have been raised by experts and industry insiders about the potential impact of this latest price hike on inflation, which is already at a 28-year high. The move to increase petrol prices has been attributed to the deregulation policy allowing for fluctuations based on supply and demand dynamics.
Furthermore, the Dangote Petroleum Refinery has expressed dissatisfaction with the continued importation of petrol despite local production capabilities. The refinery’s President emphasized the need for retailers to procure locally produced petrol rather than relying on imports.
Various organizations and individuals have condemned the fuel price hike, citing its potential to exacerbate hardships for Nigerians. Calls have been made for the government to address corruption in the subsidy system and explore alternatives to ease the burden on citizens.
Nigerians have taken to social media to express frustration and resignation over the continuous rise in fuel costs, with some speculating on even higher prices in the future. The impact of these price increases on daily living expenses and the economy at large has further fueled concerns among the populace.