The recent increase in fuel prices by the Nigerian National Petroleum Company Limited (NNPC Ltd) has sparked outrage among Nigerians, with many lamenting, “Na citizens go suffer am.”
Today, NNPCL announced that the pump price of Premium Motor Spirit (PMS) had risen from N865 to N1,030 per litre, reports Nigerian Tribune.
This hike follows the termination of NNPC’s exclusive purchase agreement with Dangote Refinery, which previously allowed NNPC to be the sole off-taker for petrol.
With the end of this agreement, other marketers are now permitted to negotiate prices directly with Dangote Refinery, aligning with the broader deregulation of the petroleum sector.
This new structure enables refineries to sell to marketers based on a “willing buyer, willing seller” approach.
This latest price increase comes just weeks after NNPCL raised fuel prices from N560 to N865 per litre on September 3, 2024.
The decision has led to several reactions from netizens:
@ Taiwo Ogundari wrote, ”Na citizens go suffer am”
@ Tunji Adeniji wrote, ” That’s their problem no new thing at all”
@ Fasikun femi wrote, ”Day in day out product increase is alarming”
@ Dele Folarin wrote,” To #1030. We are enjoying it, the TPAIN ride on. EBILOKAN
@ Seun Olawoyin wrote, “Praise the Lord!!! Una never see anything… We are still going to 2000/litre. Sebi when we talk una say, it will favour me and my family.”
As fuel prices continue to rise, many Nigerians are left to wonder about the future economic implications of these changes.
