Abuja, Nigeria – April 3, 2025
The Nigerian National Petroleum Company Limited (NNPC) has announced a new hike in the price of Premium Motor Spirit (PMS), commonly known as petrol. The price has been adjusted to N950 per litre in Abuja and N925 per litre in Lagos, following market realities and supply chain adjustments.
This development comes amid rising concerns over fuel affordability and its impact on transportation, businesses, and household expenses across the country. Reports indicate that the new pricing is influenced by higher landing costs, importation expenses, and distribution logistics.
Impact on Nigerians
The price increase is expected to trigger a ripple effect on the cost of goods and services, especially transportation fares and essential commodities. Many Nigerians have expressed frustration over the rising fuel costs, which add to the financial burden already posed by inflation and economic challenges.
A commercial driver in Abuja, Musa Ibrahim, lamented:
“With petrol now at N950 per litre, we have no choice but to increase transport fares. This will affect everyone, including traders and commuters.”
Government and NNPC’s Stance
NNPC has assured Nigerians that the increase is necessary to sustain supply and prevent fuel shortages. The company emphasized that fuel distribution remains stable and that efforts are being made to ensure availability across the country.
Meanwhile, economic analysts have warned that further price hikes could exacerbate inflation and increase the cost of living. The government is being urged to explore measures to cushion the effects, including fuel subsidies or incentives for local refining.
What’s Next?
With petrol prices now nearing the N1,000 per litre mark, Nigerians are bracing for potential adjustments in their daily expenses. The question remains: How will the government address the economic strain caused by these fuel price hikes?
