Breaking News: Shocking Fuel Price Increase in Nigeria - You Won't Believe the New Price!

Fuel price, fuel price in Nigeria today, petrol price in Nigeria, NNPC, petrol subsidy, inflation, oil marketers, importation

Petrol prices have increased across Nigeria due to the continued decline of the Naira against the dollar and rising inflation in the country. The Nigeria National Petroleum Company Limited (NNPC) has adjusted its petrol price to N565, while other stations sell at even higher rates. 

NNPC stations in Lagos now sell petrol for N565, while in Abuja, at least two NNPC stations increased their petrol price from N539 to N617 per litre, with other stations selling even higher. In Jos, the Plateau State capital, petrol is being sold at N617, up from N537. Meanwhile, filling stations in Port Harcourt, the Rivers State capital, sell petrol between N511 to N525 per litre.

This is the second significant fuel price increase since May 29 when President Bola Ahmed Tinubu announced the removal of the fuel subsidy. Prior to the increase, petrol sold at NNPC outlets and many stations across Nigeria for below N200 per litre. However, after the announcement, the price jumped to the N500 range.

The fuel price increase is expected to negatively affect the price of goods in Nigeria, as predicted by economists, which has been borne out by the latest inflation figures released by the country's Bureau of Statistics. The Consumer Price Index (CPI) rose to 22.79% in June from the 22.41% recorded in May 2023.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has encouraged oil marketers to import petrol to displace NNPC's dominance in the market. The NMDPRA CEO, Farouk Ahmed, revealed that 56 oil marketing companies have applied for and obtained a license to import petrol. Out of those, about 10 have indicated their ability to import in the third quarter (July, August, and September). Three of them, Prudent Energy, A.Y. Ashafa, and Emadeb, have already landed cargoes, while others are indicating their interest to import in August and September.

The Tinubu-led administration has applied for a N500 billion palliative to cushion the effect of the removal of the petrol subsidy. The President proposed to give N8,000 to 12 million households within six months. This money transfer to poor households is expected to have a multiplier effect on about 60 million individuals. 

In conclusion, the fuel price increase in Nigeria due to the continued decline of the Naira against the dollar is a cause for concern. However, the government's efforts to address the situation, including the removal of the petrol subsidy and encouraging oil marketers to import petrol, may help to stabilize the situation in the long run.