Energy Crossroad
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol at its retail outlets from ₦1,370 to ₦1,405 per litre, raising concerns over the rising cost of fuel despite the Federal Government’s relief measures.
The increase comes days after the Federal Government announced a 30-day petrol discount at NNPCL stations, with priority given to public transport operators. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the initiative was designed to cushion the impact of rising fuel prices, stressing that “this is not a subsidy” but a temporary measure to sell petrol at cost.
The government also proposed negotiating a ₦1,350-per-litre price ceiling to reduce the impact of fluctuations in global oil prices on domestic consumers.
However, the latest price adjustment has raised questions about the effectiveness and accessibility of the relief package, particularly for motorists, transport operators and businesses already struggling with high operating costs.
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