Over the past couple of weeks, government officials have dropped hints that keeping the official price of petrol at N617 per liter might be wishful thinking. The Naira’s dance against the 💵 is making it tough to maintain that price point, and NNPCL is struggling to cope. Right now, many independent marketers in cities like Abuja and Lagos are already selling petrol at N720 per liter, with some even reaching the N1,000 mark in a few locations. Yikes!
Now, let’s rewind a bit. Remember when President Bola Tinubu removed the fuel subsidy last year? That’s when prices started shooting up, and this might just be the latest chapter in that saga. Wale Edun, the Finance Minister, recently shared some sobering numbers – Nigeria spent about N5.4 trillion on fuel subsidies in 2024, a sharp rise from 2023’s N3.6 trillion.
What’s making things even more concerning is that this isn’t a one-off. If the rumors are true, this could be the "fourth" price hike in just 15 months. Ouch! It seems like we might not have to wait long either. Oil marketers are already predicting the increase could happen soon.
NNPCL, which used to assure us of a steady fuel supply, is now admitting they’re in serious debt – owing over $6 billion to petrol suppliers, and that’s double what it was back in April. The company’s spokesperson, Olufemi Soneye, issued a statement acknowledging the financial strain, stressing the difficulty of keeping things going. They’re working with government bodies to ensure fuel supply doesn’t run dry, but it’s clear they’re under immense pressure.
With all of this in mind, brace yourself – we might be seeing another hike at the pumps sooner than we think. Is there any way out of this? Who knows. But one thing’s for sure the price we’re paying for petrol doesn’t look like it’s stabilizing any time soon.