Nigeria Grapples with Sharp Increases in Fuel and Cooking Gas Prices

The Nigerian National Petroleum Company Limited (NNPC) and oil marketers have implemented another sharp increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, raising it to approximately ₦955 per litre from ₦905 just last week.

This adjustment, confirmed by industry associations, is attributed to rising depot costs and significant logistical and supply chain challenges. Chinedu Ukadike, PRO of the Independent Petroleum Marketers Association of Nigeria (IPMAN), cited that the Dangote Refinery has increased its loading price to ₦845 per litre, contributing to the final retail hike.

The surge in fuel costs coincides with a dramatic rise in the price of cooking gas, with a 12.5kg cylinder now selling for as high as ₦37,500, a threefold increase from recent weeks.

The combined effect is intensifying the cost-of-living crisis for Nigerians, leading to immediate repercussions including increased transport fares and the emergence of long queues at filling stations in major cities like Lagos and Abuja due to product scarcity.