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In Lagos, it was noted that several NNPCL stations were selling a litre of petrol for ₦998, which is approximately ₦150 more than the previous price of ₦855. This price hike led to long, winding queues at various NNPCL locations, including Abule-Egba, U-turn, and Abbatoir, as motorists and transporters rushed to fill their tanks in response to the sudden increase.
Additionally, many independent filling stations quickly adjusted their prices, with some charging as much as ₦1,050 in various areas of Lagos.
In Abuja, the scenario was similar, with NNPCL outlets raising the price of petrol from ₦897 to ₦1,030. This latest increase follows the price adjustment made on September 2, 2024, when the NNPCL raised the price from ₦568 to ₦855, which had already caused significant public discontent.
Since the presidential announcement in May 2023 declaring the end of subsidies, the NNPCL has steadily increased petrol prices from ₦184 in Lagos to ₦998. In mid-September, the NNPCL began sourcing petrol from the Dangote Refinery, stating that it acquired petrol at ₦898 per litre from the private facility.
The NNPCL indicated a potential further price increase, mentioning that Dangote petrol would be priced at ₦950 per litre in Lagos and ₦1,019 in Borno.
However, Dangote Refinery promptly denied selling petrol to the NNPCL at ₦898, while the NNPCL maintained its position and challenged the refinery to disclose its selling price. The NNPCL also provided a detailed pricing breakdown for Dangote petrol at its stations nationwide.
Last December, Dangote, a prominent industrial figure in Africa, launched operations at his $20 billion refinery in Lagos, which has a capacity of 350,000 barrels per day.
The refinery, which faced significant regulatory challenges in its early stages, aims to reach its maximum output of 650,000 barrels per day by year-end. It has commenced the distribution of diesel and aviation fuel to local marketers, and is now also supplying petrol.
Nigeria, the most populous country in Africa, is grappling with energy issues, as all of its state-owned refineries are currently non-operational. The nation relies heavily on imported refined petroleum products, with the state-owned NNPC being the primary importer of these vital resources.
Fuel shortages are a common sight across the country. Since the removal of subsidies in May 2023 by President Bola Tinubu, petrol prices have surged from approximately ₦200 per litre to over ₦1000 per litre, exacerbating the difficulties faced by citizens who depend on petrol for their vehicles and generators, largely due to a long-standing unreliable electricity supply.