Nigerians discovered that petrol prices were adjusted at fuel stations, including NNPCL, on Tuesday.
The NNPC in Lagos sold petrol for N565, with some stations selling it higher. Abuja saw two stations adjust prices from N539 to N617 per litre, while Jos and Dutse sold at higher prices. In Jos, petrol is now N617 per litre, while in Dutse, it was N620 per litre.
In Port Harcourt, Nigeria, petrol prices have risen significantly since President Bola Ahmed Tinubu announced the end of the fuel subsidy on May 29. This follows the free float of the naira, which plunged from below N500 per dollar on official exchange windows to a record low of above N800 naira. The inflation figures released by the National Bureau of Statistics show that Nigeria’s Consumer Price Index (CPI) rose to 22.79% in June, causing the price of petrol to rise from below N200 per litre at NNPC outlets to the N500 range.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that oil marketers have begun importing petrol. The CEO, Farouk Ahmed, revealed that out of 56 oil marketing companies, 10 indicated their ability to import in the third quarter of 2023, while three had landed cargo.
The three companies currently importing the product are A.Y. Ashafa, Prudent Energy, and Emadeb, with others expected to import between August and September. This development comes seven weeks after President Bola Tinubu declared the fuel subsidy was gone.
The Tinubu administration has applied for N500 billion as palliatives to cushion the impact of the removal of the petrol subsidy. The President proposed giving N8,000 to 12 million households within six months, with a multiplier effect on 60 million individuals. The 2022 Supplemental Appropriation Act was amended to provide the funds, with lawmakers urging the president to use them judiciously.
