Despite Denial, Tinubu Administration Increases Petrol Pump Price to N855 per Litre Amid Worsening Fuel Crisis

The administration of President Bola Tinubu has reportedly increased the official petrol pump price from N650 to N855 per litre. This adjustment was observed on Tuesday at several Nigerian National Petroleum Company Limited (NNPCL) stations in Lagos and Abuja, where fuel dispensers reflected the new pricing.

The price hike comes amidst a persistent fuel scarcity that has plagued the nation in recent weeks. Many other filling stations have followed suit, with some adjusting their prices to as high as N897 per litre on Tuesday morning. The surge in prices is believed to be a response to Nigeria’s current foreign exchange challenges and the rising cost of fuel imports.

When contacted, NNPCL spokesperson Femi Soneye stated, “I’m not aware. But I’ll find out,” indicating that the decision may not have been widely communicated within the organization.

Since President Tinubu took office and announced the removal of fuel subsidies in 2023, fuel prices have fluctuated between N580 and N700 per litre. However, the situation has deteriorated recently, with acute fuel shortages driving prices above N900 per litre at some stations and black market rates exceeding N1,000 per litre.

Last Thursday, the federal government attempted to quell rumors of an official price hike to N1,000 per litre. In a statement, Nnemaka Okafor, Special Adviser on Media and Communication to the Minister of Petroleum Resources (Oil), Heineken Lokpobiri, dismissed these reports as “outright falsehoods” and clarified that no such directive had been issued to inflate petroleum prices.

Despite the government’s reassurances, the latest increase to N855 per litre at NNPCL stations appears to confirm the fears of many Nigerians that the cost of fuel will continue to rise, further straining household budgets and the economy.