By John Umeh
Nigerians are once again grappling with economic hardship as the price of Premium Motor Spirit (PMS), commonly known as petrol, surges to an all-time high of ₦955 per litre in some parts of the country. The development has triggered widespread outrage among citizens and consumer rights groups, who are blaming the Nigerian National Petroleum Company Limited (NNPCL) and petroleum marketers for the crippling hike.
In Lagos, Abuja, Port Harcourt, and several other urban centres, long queues have resurfaced at fuel stations, with motorists and small business owners expressing frustration over the sudden price jump. Reports indicate that while some filling stations sell petrol for between ₦750 and ₦820 per litre, others, particularly in remote and high-demand areas, are now dispensing at ₦950 to ₦955 per litre — a spike many say is unjustifiable.
At the heart of the blame is the NNPCL, which, despite being the sole importer of petrol in the country, has failed to ensure steady supply and price regulation. Industry observers accuse the company of lacking transparency in its pricing template and supply chain management, leaving room for manipulation by independent and major marketers.
“The NNPCL has a responsibility to Nigerians,” said Dr. Bamidele Arowolo, an oil and gas analyst. “If it claims to be deregulated, then it must allow competition and not monopolize importation. And if it still plays a regulatory role, then it must ensure that prices don’t spiral out of control due to poor planning or profiteering.”
Marketers, on the other hand, defend their actions, citing rising logistics costs, forex volatility, and the absence of government subsidies. However, critics argue that some of them are deliberately hoarding products and exploiting the deregulated market to maximize profits at the expense of the masses.
The hike in petrol prices has already begun to ripple across other sectors. Transport fares have doubled in many states, food prices continue to soar, and small businesses reliant on fuel for generators are being forced to shut down or scale back operations.
Many Nigerians are calling on the Federal Government to intervene urgently and reevaluate the current petroleum pricing structure. Labour unions have also signaled the possibility of protests or strikes if relief is not provided soon.
Meanwhile, the NNPCL has yet to release an official statement explaining the spike or detailing its plan to stabilize the supply and pricing of petrol nationwide.
As inflation tightens its grip and the cost of living continues to rise, Nigerians are left wondering how much more they can endure — and whether those responsible for their economic pain will ever be held accountable.
