The Nigeria National Petroleum Company Limited (NNPCL) has adjusted the petrol pump price at its filling stations to ₦897 per liter.

This is coming two days after the Nigeria-owned oil company cried out that its operations of solely importing refined petrol into the country have been hit by financial restraints.

With the recent surge in fuel prices to ₦897 per liter, fuel costs have skyrocketed by 460% over the past 15 months, marking a significant increase since President Bola Tinubu took office on May 29, 2023.

This latest adjustment is the 30th instance of a fuel price hike in the 51 years since General Yakubu Gowon’s initial increase in 1973, which saw the price rise from 6 kobo to 8.45 kobo.

Major Fuel Price Hikes in Nigeria

1. Shonekan (1993): From 70 kobo to ₦5 (614.29%)

2. Abacha II (1994): From ₦3.25 to ₦15 (361.54%)

3. Tinubu (2023): From ₦195 to ₦557 (282.74%)

4. Tinubu (2024): From ₦617 to ₦897 (145.38%)

5. Abubakar I (1998): From ₦11 to ₦25 (127.27%)

6. Buhari’s Term (2020): From ₦87 to ₦195 (124%)

7. Jonathan I (2012): From ₦65 to ₦141 (116.92%)

8. Tinubu (2023): From ₦557 to ₦617 (110.77%)

Timeline of Fuel Price Adjustments in Nigeria

– Gowon (1973): From 6 kobo to 8.45 kobo (40.83%)

– Murtala (1976): From 8.45 kobo to 9 kobo (6.5%)

– Obasanjo (1978): From 9 kobo to 15.3 kobo (70%)

– Shagari (1982): From 15.3 kobo to 20 kobo (30.72%)

– Babangida I (1986): From 20 kobo to 39.5 kobo (97.5%)

– Babangida II (1988): From 39.5 kobo to 42 kobo (6.33%)

– Babangida III (1989): From 42 kobo to 60 kobo (42.86%)

– Babangida IV (1991): From 60 kobo to 70 kobo (16.67%)

– Shonekan (1993): From 70 kobo to ₦5 (614.29%)

– Abacha I (1993): From ₦5 to ₦3.25 (price decreased by 35%)

– Abacha II (1994): From ₦3.25 to ₦15 (361.54%)

– Abacha III (1994): From ₦15 to ₦11 (price decreased by 26.67%)

– Abubakar I (1998): From ₦11 to ₦25 (127.27%)

– Abubakar II (1999): From ₦25 to ₦20 (price decreased by 25%)

– Obasanjo I (2000): From ₦20 to ₦30 (50%)

– Obasanjo II (2000): From ₦30 to ₦22 (price decreased by 26.67%)

– Obasanjo III (2002): From ₦22 to ₦26 (18.18%)

– Obasanjo IV (2003): From ₦26 to ₦42 (61.54%)

– Obasanjo V (2004): From ₦42 to ₦50 (19.05%)

– Obasanjo VI (2004): From ₦50 to ₦65 (30%)

– Obasanjo VII (2007): From ₦65 to ₦75 (15.39%)

– Yar’Adua (2007): From ₦75 to ₦65 (price decreased by 15.39%)

– Jonathan I (2012): From ₦65 to ₦141 (116.92%)

– Jonathan II (2012): From ₦141 to ₦97 (price decreased by 31.21%)

– Jonathan III (2015): From ₦97 to ₦87 (price decreased by 10.31%)

– Buhari (2016): From ₦87 to ₦145 (66.67%)

– Buhari’s Term (2020): From ₦87 to ₦195 (124%)

– Tinubu (2023): From ₦195 to ₦557 (282.74%)

– Tinubu (2023): From ₦557 to ₦617 (110.77%)

– Tinubu (2024): From ₦617 to ₦897 (145.38%)

Some traders and commuters in the Federal Capital Territory (FCT) have frowned at the increase in the pump price of Premium Motor Spirit (PMS) by the NNPC Ltd.

The News Agency of Nigeria (NAN) reports that the NNPC Ltd. Retail Management approved the upward review of PMS pump price from N617 per litre to N855 per litre effective from Sept. 3. 

The commuters and traders, who spoke to NAN in Abuja on Tuesday, said the development would increase food prices which was gradually crashing and also the  sufferings of the masses.

Mr Ignatius Ugwu, a civil servant, said the fuel pump price increase would further reduce the purchasing power of workers.

He said the increase would hike transportation fares which would make it difficult for workers to resume work promptly and be productive.

Ugwu appealed to the Federal Government to pay workers’ minimum wage and introduce other palliatives that would help cushion the effect of the increase on the masses.

”This information is very scary for a country like ours where people are struggling to eat even one good meal a day.

”This increase will make transport fare and other prices of goods and services to go up.

”The government should have been magnanimous enough to put some things in place before this increase.

”They should have paid minimum wage and other arrears, they should have brought out buses to help the masses because whether we like it or not, prices of things will go up, ” he said.

Mrs Antonia Ogbede, a housewife, said the increase would automatically hike food prices which was gradually coming down.

Ogbede said that traders would take the advantage of the fuel increase to also increase the prices of their goods.

She said the spending burden would increase on her spouse who was the sole breadwinner of the family.

”I went to the market today and I saw some traders discussing about the fuel increase.

”I heard one of them making call for some goods to be delivered to him by the company he buys from and they told him that the price will increase by the end of the week.

”The trader ordered 100 cartons and he said he will sell them at increased price.

”The government should please help us before our breadwinners will develop sicknesses as a result of too much spending,” she said.

Mrs Evelyn Otapu appealed to the Federal Government to consider its citizens first before some policies formulation.

However, Mr Andy Kolapo, a driver, said that the increase would make the fuel queues to disappear.

”We heard that they (NNPCL) has been planning to increase the price of fuel to N1,000 per litre and this they have achieved.

”We hope that this will bring to an end the recurring queues in fuel stations,” he said.

NAN reports that independent marketers were selling between N1,000 and N1,200 per litre.

The Nigeria Labour Congress (NLC), has accused the federal government of betrayal following the increase in the price of petrol by the Nigerian National Petroleum Company (NNPC).

The NLC, in a statement on Tuesday by its president, Joe Ajaero, said it agreed to the new minimum wage of ₦70,000 for Nigerian workers based on the understanding with the government that fuel prices would not be increased.

NNPC, on Tuesday, adjusted the pump price per litre of petrol to ₦855 across its filling stations.

In reaction, the NLC said the move is both traumatic and nightmarish, particularly as the government is even yet to commence the implementation of the new minimum wage.

Ajaero noted that betrayal is becoming consistent with the character of the Bola Tinubu administration.

He also accused the present government of suppressing peaceful protests, intimidating citizens, and inflicting hardship on the people of Nigeria.

Accordingly, the NLC demanded the immediate:
1). Reversal of the latest increase in the pump of PMS across the country;

2). Release of all those incarcerated or being prosecuted on the assumption of having participated in the recent protests;

3). Halt the indiscriminate arrest and detention of citizens on trumped up charges;

4). Reversal of the 250% tariff hike in electricity;

5). Stop the hijack of the duties of the Ministry of Labour and Employment;

6). End to policies that engender hunger and insecurity;

7). Halt to the government’s culture of terror, fear and lying.

The NLC statement reads: “We are filled with a deep sense of betrayal as the federal government clandestinely increases the pump price of pms. One of the reasons for accepting N70,000 as national minimum wage was the understanding that the pump price of pms would not be increased even as we knew that N70,000 was not sufficient.

“We recall vividly when Mr President gave us the devil’s alternatives to choose from: either N250,000 as minimum wage (subject to the rise of the pump price between N1,500 and N2,000) and N70,000 (at old pms rates), we opted for the latter because we could not bring ourselves to accept further punishment on Nigerians.

“But here we are, barely one month after and with government yet to commence payment of the new national minimum wage, confronted by a reality we cannot explain.

“It is both traumatic and nightmarish.

“Yet, when we told government that it’s approach to resolving the fuel subsidy contradictions was patently faulty and would not last, it’s front row cheer leaders sneered at us, saying we did not understand basic economics .

“But if truth be told, this act of betrayal is consistent with the character of this government. We recall the assurances we were given by the leadership of the National Assembly on the 250% tariff hike, that it had been dealt with and there was no need to openly engage the Minister of Power who was at that meeting.

“Instead of the promised reversal, the rate has since been jerked up further putting more Nigerians and businesses in jeopardy.

“The combined effects of government’s ferocious right -wing market policies brought Nigerians and Nigeria to their all-time low and led to the End-Hunger/End Bad Governance protests.

“Rather than make amends, government arrested and hounded into detention some of those who took part and some of those who had nothing to do with these protests, charging them with criminal conspiracy, subversion, treasonable felony, terrorism financing and cyber crime with an intent to overthrow the government of President Tinubu.

“The police and other security agencies have since been on rampage terrorising the citizenry in pursuance of government’s agenda of muzzling lawful dissent.

“In brazen pursuit, they have defamed and libelled not a few individuals.

“They have gone as far as appropriating the statutory roles of the Ministry of Labour and Employment in resolving trade dispute matters and issues considered outside the jurisdiction of the security agencies.

“That the government is on rampage in the face of stifling conditions of living is an understatement but we promise Nigerians that we at the Nigeria Labour Congress will not be cowed into submission. Together with civil society, we brought about this democracy when some of the actors in power today were conspiring with the military on how to perpetuate their hold on political power.

“When the State and the security forces picked on us in a hybrid war, we had our suspicions. We knew they were up to something sinister and needed to distract/divert our attention or possibly frighten or weaken us before they came out with it so that we would not have a robust response.

“Now that they chickens have come to roost, we were right in our suspicions. However, we want to let Nigerians know that the clandestine/surreptitious increase in the pump price of pms is the first among the equally sinister policies government has up its sleeve.

“On our part, we stand resolute with the people and will neither be distracted nor intimidated by the government or its security agencies.

“We insist that government cannot criminalise protests or basic rights in the domain of the citizenry.

“We are guided by our belief in our country and the need to secure and sustain its sovereignty, integrity and welfare of the people.

“Accordingly, we demand the immediate:
1). Reversal of the latest increase in the pump of pms across the country;

2). Release of all those incarcerated or being prosecuted on the assumption of having participated in the recent protests;

3). Halt the indiscriminate arrest and detention of citizens on trumped up charges;

4). Reversal of the 250% tariff hike in electricity;

5). Stop to the hijack of the duties of the Ministry of Labour and Employment;

6). End to policies that engender hunger and insecurity;

7). Halt to government’s culture of terror, fear and lying.

The NLC submitted that in the coming days, the appropriate organs of the Congress will be meeting to take appropriate decisions which will be made public.

…FG denies ordering NNPCL to raise the price

Against the backdrop of a new increase in petrol price, marketers have adopted a wide range of price differentials nationwide with petrol stations owned by the Nigerian National Petroleum Company Limited, NNPCL, among the highest pump prices.

While Vanguard learnt that the latest upward adjustment has fixed the base price at N855 per litre, NNPCL Retail stations, especially in Abuja, are selling at N997, the second highest to some independent marketers selling at N1,018. But outside Abuja and Lagos, some independent marketers were selling as high as N1,300/ltr.

Moving across the cities of Abuja and Lagos, Vanguard saw filling stations displaying different prices with NIPCO adjusting from N700 to N955 per litre, Conoil from N660 to N940 per litre, and independent marketers from N930 to N1,018 per litre.

With the latest upward price review under President Bola Ahmed Tinubu, the price of petrol has now risen by over 355%, from N197 per litre on May 29, 2023, to N897 on September 3, 2024. The percentage increase is nearly 400% when considered the highest pump prices by independent marketers.

The latest increase, which took effect just two days after the company acknowledged owing suppliers approximately $6.8 billion, has triggered widespread condemnation across various sections of Nigerians.

Despite the new prices, queues at filling stations remained long yesterday evening, as many outlets were still without the product. This also fueled a thriving black market, with a litre selling at N1,500 in most locations in Abuja and Lagos.

NNPCL in conflicting messaging

When contacted by Vanguard, NNPC’s Chief Communications Officer, Mr Olufemi Soneye said he was not aware of any price increase.

“I’m not aware of this. Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will make sure to inform you. I appreciate your understanding”, he responded via WhatsApp.

An unconfirmed trending message on social media platforms related to NNPCL Retail had earlier hinted of the petrol pump price. The message read: “Good Morning All, This is to inform you that NNPC Retail Management has approved an upward review of PMS pump price from N617/itre to N897/liter effective today, 3rd September 2024.

“Please ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of N897/liter. Thank you”.

Dangote fuelenters market

The price hike coincided with the start of petrol supply by Dangote Refinery to NNPC, with NNPC as sole off-taker of the product in the country.

Confirming the commencement of petrol production, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, said the refinery will begin with the supply of 25 million litres of petrol to the Nigerian market.

“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September, and will subsequently increase this amount to 30 million litres daily from October 2024”, the Authority stated.

It also disclosed that NNPC Limited has reached an agreement to start crude oil sales and supply to Dangote Refinery in local currency.

Niger State groans

In Minna, Niger State, Vanguard gathered that the sudden hike in pump price of petrol greatly affected economic activities in the state as transport fares went up considerably.

Pump price at two NNPC mega stations along the Eastern bye-pass were dispensing to vehicles at N890 per litre but with long queues of vehicles waiting patiently for their turns.

However, other marketers most of which were, as at Monday morning, dispensing fuel, shut their stations while those selling were dispensing between N1,200 to N1,300 per litre. The hike led to increase in transportation by 100 percent which subsequently paralysed economic activities in Minna.

IPMAN emphasises product accessibility

Speaking on the development, marketers said while they are not opposed to the price hike, it is important that access to the product is open to all stakeholders.

Speaking to Vanguard,e Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, IPMAN, Chief Chinedu Ukadike, said marketers do not oppose the increase in pump price.
He however insisted that the product be made available to all marketers in the downstream sector.

The marketers also expressed dissatisfaction over the decision to make NNPC Limited sole off-taker of petrol from Dangote Refinery, stressing that the arrangement will create monopoly and profiteering.
He said: “The most important thing is that we are asking for availability. We are not against increase in fuel price as marketers but the most important thing is that let the fuel be available to us to buy.

“We think the arrangement between Dangote and NNPC that made NNPC the sole off-taker should be looked into. As major stakeholders and independent marketers, Dangote should be allowed to sell to us directly. The distribution should be opened up so that other stakeholders can buy the product like NNPC.

“This is because NNPC is also a competitor in the downstream sector and it is wrong to single out one competitor amongst others and sell petrol to him such that others will be dependent on one source. We think that this will bring monopoly, profiteering and stagnation in the petrol distribution process.

“It is pertinent that the Federal Government intervenes at this point. Let IPMAN be given the opportunity to also get their products directly because we can quickly distribute, we spread across the country and we are reliable”, he added.

On his part, the National President, IPMAN, Alhaji Garima Abubakar, stated: “We received the message early in the morning yesterday that an additional increase of N240 has been added to the previous price of N568 per litre.

“IPMAN do not have any objections to the increase as NNPCL claimed they were loosing money. We marketers have complied with the increment and also increased our prices at the pump,” he added.

Private depots shut

A visit to private depots in Lagos showed that no tank farm sold petroleum products yesterday. A marketer who spoke on condition of anonymity said that since NNPCL announced price increase, all depot owners in Lagos refused to sell products, claiming they were waiting to hear from NNPCL on pricing.

Labour demands immediate reversal

The Nigeria Labour Congress, NLC, yesterday rejected the new petrol pump price regime, rallying Nigerians against any further action of the government that can worsen the suffering and hardship across the country.

NLC in a statement at the end of its virtual National Executive Council, NEC, meeting yesterday, demanded “immediate reversal of the clandestine increase in the price of petrol.”

Among others, the communiqué signed by NLC President, Joe Ajaero, said: “The NEC rejects the hidden plan to increase the price of Petrol, PMS, and calls on all members of the NLC and the broader Nigerian public to remain vigilant and prepared to defend our rights and freedoms. The signs are ominous and the intentions are sinister as the State may be preparing to further increase the suffering of Nigerian workers and peoples. The Labour movement stands as the voice of the Nigerian people, and we will not relent in our efforts to uphold justice, fairness, and the rule of law.

“NEC-in-session therefore further demands the immediate release of all citizens from Prison who were protesting against hardship and hunger in Nigeria during the #EndBadGovernance protest.

“We also demand immediate reversal of the clandestine increase in the price of petrol. NEC–in-session demands a reversal of the hike in electricity tariff as we had originally demanded. We equally demand a halt to the indiscriminate arrests of citizens around the country for holding dissenting opinions.

“The Nigeria Labour Congress (NLC) remains committed to defending the rights and interests of Nigerian workers and the broader society. We will continue to stand firm against any attempts to undermine the Labour movement or infringe upon the rights of our leaders and members. We urge our Civil Society allies to continue increasing their support as we mobilise to nip the present incipient danger and undemocratic actions against our nation in the bud. A people united, can never be defeated! Workers united, can never be defeated.”

It’ll negatively impact manufacturers, worsen inflation – MAN

In his reaction, Director General of the Manufacturers Association of Nigeria, MAN, Segun Ajayi-Kadir, said the increase in pump price would negatively impact the manufacturing sector and worsen inflation.

His words: “In terms of what the impact might be and judging from what we have witnessed in the past, the cost of transportation may increase, and so would the prices of goods and services.
“These are pointers to the high possibility of a rise in inflation figures, impacting household budgets.

“One is naturally worried about the impact on the already lacklustre performance of the manufacturing sector. In particular, there is no doubt that it will add to production input and logistics costs.

“These will lead to higher prices and in the face of dwindling disposable income of the average Nigerian, a further deep in consumer demand will see manufacturers’ unplanned inventory rising and reduction in capacity utilization. “Manufacturing performance would be negatively impacted. Small businesses and households who use petrol fuel for daily activities would also take a hit.”

Similarly, National Secretary of the Small Scale Women Farmers Organisation in Nigeria, SWOFON , Chinasa Asonye, said: “The new fuel price will affect everything and there will be a price increase in everything. As a woman farmer, everything about our farming will increase because as of Monday, September 2, the feeds which we have already ordered have been increased and we do not know the reason for the increment until the news broke.

“These are feeds that we have paid for but because we did not take them from the company, they increased the price and told us that we are going to pay more before carrying our feeds. So, it will not be easy for the masses at all. Whatever will increase when it comes to fuel, will affect the livelihood of Nigerians.

“Is this how they want to reduce our hunger? Is this the reaction to the protest by the youths? Is this how this government wants to solve the problem of the masses? This will only aggravate hunger in the land. Agriculture will be affected badly and the cost of food will skyrocket. This simply means that masses’ voices are meaningless when it comes to governance in this country. Nobody is ready to listen to this groaning of the masses. This is cruel”, she lamented.

Also, President of Association of Professional Women Engineers of Nigeria, Lagos Chapter, Engr. Atinuke Owolabi stated: “We need to confirm the price from Dangote. I read that the Federal Government said they did not ask NNPCL to increase any fuel price. And I still do not know why NNPCL wants Dangote to supply them directly. Dangote should be distributed to everybody who wants to buy fuel. It is suicidal for NNPCL to be the sole distributor of Dangote fuel.

“We do not want monopoly again. Let Dangote distribute to all marketers. Let us all have access to the fuel because it belongs to us. It seems there are some cabals in NNPCL and we need to be very careful.”

Ports community warns of grave implication

On his part, Chairman of the Nigerian Port Consultative Council, NPCC, Mr. Bolaji Sunmola, warned that government with the latest action was calling for a protest, adding that Dangote Refinery should be encouraged to bring down the price of petrol.

Similarly, President of the National Council of Managing Directors of Licensed Customs Agents, NCMDLCA, Mr. Lucky Amiwero said that the development will further improve the economic situation, especially Nigerians working within and around the maritime industry.

Amiwero also said that it is either the government is confused or that government is not saying the truth about the issue of subsidy.

He said: “Many people in the port industry have been finding it difficult to come to work because of the issue of fuel scarcity and now this additional burden of increase in pump price of fuel.

This will further make Nigerians lose their jobs, adding that a country with the raw material for the production of petroleum products should not be going through this kind of hardship.

“Many workers have not been coming to work for now especially in port operations Many people have lost their jobs.”

Analysts list economic consequences

Reacting to the hike in petrol prices, Clifford Egbomeade, a public affairs and communications expert, stated: “The increase in fuel prices to N855 per litre, as announced by NNPCL, is a significant development with far-reaching implications for both the economy and the average citizen. Although this drastic increase is part of the broader context of subsidy removal, it also presents severe challenges for an economy heavily reliant on fuel for both transportation and power generation.”

Commenting on the economic impact, he added: “The most immediate effect of the fuel price hike is on inflation. According to the National Bureau of Statistics, the headline inflation rate rose to 34.19% in June 2024, up from 33.95% in May. With higher fuel prices, transportation costs have surged, leading to increased prices for goods and services across the board. This has further exacerbated existing inflationary pressures, potentially driving inflation rates even higher and making everyday essentials less affordable for Nigerians.

“The hike will also raise the cost of living. As fuel prices climb, so too will the costs of transportation, food, and other essential commodities, straining household budgets. With over 40% of Nigerians living below the poverty line, according to the World Bank, this increase will likely push more people into poverty as they struggle to afford basic necessities.

“The business sector is not immune to these effects. SMEs, which constitute a significant portion of Nigeria’s economy, will face higher operational costs due to increased fuel expenses. This could lead to reduced profitability, job losses, and, in some cases, business closures. Larger
corporations may pass on these increased costs to consumers, further fueling inflation. Public transportation costs are expected to rise sharply, affecting mobility as many Nigerians may find it difficult to afford daily commutes. The fuel price hike could also trigger social unrest, as seen in past protests sparked by economic grievances.”

The government should also introduce price control mechanisms on essential goods and services to prevent excessive price hikes and strengthen consumer protection agencies to monitor and enforce fair pricing practices.”

New price still below market rate – expert

In an interview with Vanguard, Professor Emeritus in Petroleum Economics & Policy Executive Director, Emmanuel Egbogah Foundation, Abuja, Wumi Iledare, said: “There are two inflation categories—demand pull and cost-push. Nigeria suffers from both types. Increasing wages and prices of raw materials do lead to higher inflation. So increasing the price at the pump will in the short run lead to rising price levels in the economy.

“Unfortunately, it is a dilemma to charge a price below the clearing market price because of the fear of inflation, and this anxiety is legitimate. But not doing the needful now is postponing the evil days.

“N897 per litre is still below the market clearing price of PMS. Just look at the price of AGO. The gap is still neither incomprehensible nor justifiable. The positive side at the moment is the current price setting by the dormant retail firm is helpful to Dangote optically within the context of the entitled Nigerians for freebies.

“Interestingly, however, pricing below the market clearing price will lead to shortages and black market structure. I don’t expect to price its wholesale price too far below N1,000, which is, perhaps, a little below the current landing cost, in my opinion.

“The consequences of pricing below the market clearing price is as negatively impactful as inflation in any economy.”

FG denies ordering NNPC to raise fuel price

Meanwhile, reacting to reports in online platforms that he ordered NNPC to sell petrol above N1,000 per litre, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri described the reports as malicious.

The Minister in a statement by his media aide, Nnemaka Okafor, said NNPC operates as an independent company, adding he does not direct NNPC on issues of pricing.

“We categorically condemn these claims as baseless, malicious, and a deliberate attempt to incite public discontent. We challenge anyone in possession of any evidence — be it written documents, audio, or video recordings — that supports these fabrications to make it public. Such a claim is entirely devoid of truth and should be recognized as an intentional effort to mislead the public.

“It must be stressed that NNPCL operates as an independent entity under the Companies and Allied Matters Act (CAMA), with a fully empowered Board of Directors. The Ministry of Petroleum Resources does not, and will not, interfere in the internal decisions of NNPCL, including pricing matters.

“The public is hereby strongly advised to dismiss these malicious rumors. The Honourable Minister cannot, and does not, direct NNPCL or any other entity within the sector to manipulate prices.”

Depots, many stations shut in Lagos, environs

In Lagos, a visit to Satellite and other depots, yesterday, indicated that they were shut because of uncertainty over pricing.

Operators, who spoke anonymously to Vanguard, said the depots would re-open for business as soon as they are briefed on the new depot price and other details.

But many stations, especially independents were shut, due to lack of stock, thus leading to the emergence of long queues at the NNPC and major marketers’ outlets.

Many illegal operators also cash in on the confusion to hawk petrol in cans at the cost of between N1, 200 and N1,500 per litre in different parts of Lagos, especially Maryland, Ikorodu Road and Ikoyi.

Transporters that managed to buy the product passed the high cost to commuters, who were compelled to high fares.

Specifically, transport fares have risen by more than 100 per cent to N3,000 to commute from Victoria Island to Mile 2, a distance that used to cost about N1,500 before the latest fuel price hike.

Not palatable for Nigerians, but govt has no choice – CPPE

Reacting, the CEO of the Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said: “The reality is that this is a very difficult situation for the government and NNPCL. And I hope that as citizens, we should show some understanding at this time.

“As we speak, even at the price of N650 to N700, the government was incurring a subsidy of about N500 per litre, and we had continued on that trajectory, at the end of the year, the subsidy bill be incurring will be close to N8 trillion to 10 trillion. The fact is that this is not sustainable.

“The subsidy bill increased because of the depreciation of the currency, and the relative gap between the domestic price of petrol and the price in the sub-region, especially our neighbouring countries which has widened considerably. Petrol cost per litre in our neighbouring countries is between N1,300 and N1,500 equivalent. So you can imagine the incentive for smuggling.

“However, it would be unfair to put the blame entirely on the current administration.

“Most of the underlying problems around fuel pricing are legacy problems. “The increase is not palatable for the citizens and the private sector. But this is an extremely difficult decision that the government needs to make.”

Netizens react

Netizens also took to social media yesterday, with many criticising both the NNPC and the Federal Government.

One commentator, Daniel, expressed his disappointment, saying, “Lol… seems this is just the beginning. They are even proposing 10% VAT and it may happen anytime. I didn’t (and still don’t) support Tinubu, but never in my wildest dream did I think he’d be worse than Buhari.”

Another user, who identifies as Chase, criticized those still supporting the government, remarking, “well, while the wailers are wailing, let the praise singers continue to sing their praises to Agbado… I hope the paid e-rats like terrorists Macido, sim card chucks etc will ask for a pay raise from their paymaster. Jungle don continue to the RED!!!”

Despite the overwhelming negativity, some netizens attempted to adopt a more optimistic view. A commenter named “One God” acknowledged the severity of the situation but remained hopeful, stating, “I know this government meant to run a sustainable system. The gravity of the problem is enormous. But with the grace of God, our government will win.”

In a more sarcastic tone, a user named Judeskyla Bardooo suggested an alternative to coping with the high fuel prices, saying, “Everybody should buy a bicycle. It is a recommended mode of transportation because of its health benefits. Asiwaju is committed to keeping everyone healthy.”

Finally, another user who goes by ‘My Opinion’ condemned the NNPC as part of Nigeria’s systemic issues, stating, “NNPC is a very corrupt organization. They are part of the people dragging Nigeria backwards.”

The recent price hike has fueled concerns about the increasing cost of living in Nigeria, with many worried about how this will impact everyday life, including transportation and the cost of goods and services.

Super Eagles Interim Manager, Austin Eguavoen, says the Super Eagles have all it takes to qualify for the 2025 Africa Cup of Nations (AFCON) scheduled to hold in Morocco.

Nigeria is in Group D alongside Benin Republic, Rwanda and Libya.

Eguavoen who spoke with NFF TV ahead of Saturday’s 2025 AFCON qualifying match against the Cheetahs of Benin Republic in Uyo, said he was optimistic that the Super Eagles would scale through.

“Nigeria is a nation, in terms of football, alot of countries respect and the 2025 AFCON Qualifier is no different.

“I am very confident that we will scale through these two games and beyond.

“We have the materials, players, personnel and support. We have everything,” he said.

He said that there was a need to remind the players of their achievement at the last AFCON in Cote d’Ivoire where they finished as runners-up in the tournament.

He also called on Nigerians to rally round the team to ensure it began its campaign on a bright note.

“The only thing we have to remind these players about is that they were almost African champions a few months ago; it’s not even up to a year yet.

“So, what went wrong? It is still the same players. We will do everything we have to do as the technical crew and of course, the federation.

“Nigerians will also rally round them, but they (the players) are the ones whose duty it is to turn the table around.

Morocco 2025: Ilechukwu, four others to assist Eguavoen plot Benin, Rwanda’s downfall

“I have spoken to them and we will still be having some series of meetings before the game proper and I am very confident that they will go out there and make the nation proud,” he said.

Eguavoen, however, cautioned that it was very important for the Super Eagles to respect every opponent in the qualifier as they were no minnows in football any more.

“We will treat our opponents with utmost respect, no doubt about that, because in football, if you disrespect or look down on any team, then you will have problems.

“So, we will play them with great respect, but this is our home and we have no choice but to ensure we begin our AFCON qualifying campaign with a victory on Saturday,” Eguavoen said.

Only three players are still being expected in the camp of the Super Eagles, as 20 players trained in Uyo on Tuesday evening.

Captain William Ekong led from the front, arriving on Monday with the earliest birds, which included defenders Ola Aina, Semi Ajayi and Olisa Ndah.

Midfielder Fisayo Dele-Bashiru as well as forwards Ademola Lookman and Taiwo Awoniyi were also part of the training.

Goalkeeper Amas Obasogie and midfielder Wilfred Ndidi were in town, while forward Victor Boniface and goalkeeper Stanley Nwabali joined in the evening.

On Tuesday morning, defender Calvin Bassey and midfielders Alex Iwobi and Frank Onyeka pitched in.

This was before defender Benjamin Tanimu (drafted in place of Bright Osayi-Samuel), midfielder Alhassan Yusuf Abdullahi and forwards Moses Simon and Samuel Chukwueze arrived.

In the evening, just before the team bus pulled out of the hotel for training, defender Bruno Onyemaechi (of Portuguese club Boavista) and midfielder Raphael Onyedika (of Belgian side Club Brugge) arrived in camp.

Forward Kelechi Iheanacho is due in camp on Wednesday, while goalkeeper Maduka Okoye and forward Victor Osimhen are being expected on Thursday.

After Saturday’s encounter, the Super Eagles are scheduled to fly to Kigali on Sunday for Tuesday’s Matchday 2 clash with the Amavubi of Rwanda. (NAN)

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Corporation Limited (NNPCL) have finally agreed to sell crude oil to the Dangote refinery in naira.

NMDPRA announced that the Dangote refinery will provide 25 million litres of fuel each day starting in September 2024.

Naija News reports that this announcement follows the initiation of petrol production at the Dangote refinery.

This initiative aligns with the recent endorsement by the Federal Executive Council (FEC) to conduct transactions involving crude oil sales to the Dangote refinery in naira and purchase petrol products from the refinery in the local currency.

“At the NMDPRA headquarters in Abuja, NNPCL reached an agreement to commence crude oil sale and supply to Dangote Refinery in local currency.

“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September. And will subsequently increase this amount to 30 million litres daily from October 2024,” NMDPRA said.

Earlier today, the CEO of Dangote Refinery, Aliko Dangote, stated that the agreement to sell crude oil to his refinery in naira, initiated by President Bola Tinubu, is expected to alleviate pressure on foreign exchange by a minimum of 40%.

He thanked President Bola Tinubu and his administration for implementing this strategic initiative.

“I want to personally also thank Mr. President for creating this idea of Naira for Crude and also Naira for the product. This will give a lot of stability for the Naira because you remove 40% of the demand of the dollars in the market. That’s not only it.

“Today’s discussion is only to thank God almighty for bringing us into this period of now producing gasoline. I know that a lot of people think we won’t be able to deliver. But we’ve been able to deliver,” Dangote said.

Super Eagles of Nigeria striker, Victor Osimhen has reportedly parted ways with his football agent, Roberto Calenda, after an unexpected turn of events during the 2024 summer transfer window.

Victor Osimhen was arguably the hottest striker in the transfer window after French star, Kylian Mbappe secured his dream move to Real Madrid.

Top clubs, including Paris Saint Germain, Chelsea, Arsenal, Bayern Munich, and Manchester United, reportedly showed interest in Osimhen, but nothing concrete came out.

Chelsea and Saudi Pro League club Al-Ahli pushed for the signature of the 25-year-old Nigerian striker until August 30, the transfer deadline day of top European leagues. Yet, agent Roberto Calenda couldn’t seal a deal for his client.

Following the dramatic transfer window, his club, Napoli decided to discard him from the club’s first team and also took away his shirt number nine and gave it to their new signing, Romelu Lukaku.

With that, Victor Osimhen was left with the option of moving to Saudi Arabia or Turkey, the two countries whose transfer window was still open then. Fortunately for him, Turkish club, Galatasaray decided to sign him on loan after reportedly agreeing to fund most of his wages.

According to II Mattino via TMW, Osimhen reportedly negotiated the loan deal himself alongside his intermediary George Gardi.

At the time of writing, Osimhen’s camp and agent, Roberto Calenda, were yet to make a public statement concerning this development.

Femi Otedola, billionaire businessman and chairman of FBN Holdings, has congratulated Aliko Dangote on the commencement of petrol production at his refinery. 

During a news conference on Tuesday, Dangote announced the start of petrol production at the Dangote refinery, proudly displaying a bottle of the product.

Subsequently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the refinery is expected to supply 25 million litres of petrol daily in September.

The  650,000 bpd capacity refinery began operations in January with the production of diesel and aviation fuel.

Dangote said the petrol from the plant, in terms of quality, can compete with products from other refineries across the world

In a post on X on Tuesday, Otedola described the milestone as a “monumental achievement” under President Bola Tinubu’s administration.

Reflecting on their efforts to invest in the state-owned refinery, which were ultimately rejected, Otedola expressed joy that the Dangote refinery has finally become a reality.

“It has been 25 long years since we first set our sights on transforming Nigeria’s energy landscape. I remember vividly when we set up the Blue Star Consortium to acquire stakes in the Kaduna and Port Harcourt refineries—20% for me and 51% for you,” the post reads.

“We were ready to change the game, but fate had other plans. The government of the day, in an act I can only describe as utterly obnoxious, cancelled our stakes and thwarted our vision. But, as always, you refused to be deterred. You never gave up on the dream we shared.

“You carried the torch forward, igniting a spark that has today become a roaring flame. And now, 25 years later, here we stand on the precipice of history, with the first fuel shipment from the Dangote Refinery—a feat that is nothing short of miraculous.

“While the Kaduna and Port Harcourt refineries have remained dormant, their promise unfulfilled despite billions of dollars spent on so-called turn-around maintenance, you have achieved what many said was impossible.”

‘YOU’VE SILENCED NAYSAYERS’ 

Otedola said Dangote has “beaten all the sceptics, silenced the naysayers, and proved wrong” those who doubted his resolve and “never wanted this project to succeed”.

The billionaire said the refinery has liberated Nigeria “from the chains of economic dependence that have held this nation back for far too long”, adding that the days of “bowing to foreign powers for our fuel needs are over”.

“You have dealt a death blow to the so-called local cabals who have fattened themselves for years, feeding off our nation’s economic slavery,” the post adds.

“These cabals, who have grown rich by keeping Nigeria in a perpetual state of dependence, must now face the reality that their era of easy gains is coming to an end.

“I am reminded of the time you revolutionized the cement industry in Nigeria. Ships that once brought in cement turned into rusting relics, scraps of a bygone era.”

Otedola said with the refinery in full swing, he foresees a similar fate for fuel imports.

“The depot owners should take heed—it’s time to dismantle those depots and sell them as scraps while the market is still high,” Otedola said.