National Telescope national telescope newspaper
The Nigerian National Petroleum Company Limited (NNPCL) has adjusted the pump price of Premium Motor Spirit (petrol) in Abuja, increasing it from N1,030 to N1,060 per litre.
In Lagos, the price rose from N998 to N1,025 per litre. This marks the third price adjustment since September, as part of the government’s deregulation policy.
Experts are concerned about the economic impact, with inflation already at a 28-year high of 34.2%.
Alhaji Aliko Dangote of Dangote Group criticized the reliance on imported petrol despite the recent production start at his Lekki-based refinery.
He urged marketers to source locally produced petrol, highlighting ongoing issues in the market.
Economic analysts warn that the recent hike could further increase inflation, making daily expenses more challenging for Nigerians.
Civil organizations have called for measures to address rising costs, while business leaders emphasize the need to stabilize the naira.
Many Nigerians took to social media, expressing frustration and concern over the increased cost of living.
Some called for boycotts, while others accepted the hikes as part of the deregulated market dynamics.
Economist Dr. Muda Yusuf emphasized the need for careful handling of energy prices and exchange rates, while civil society leaders highlighted the importance of addressing corruption within the fuel subsidy system and suggested alternative tax strategies to ease the public’s burden.
