Fresh petrol price in Lagos hits N1,000 per litre

IBRAHIM QUADRI

 

The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of Premium Motor Spirit (PMS) also known as petrol, product, from N855 per litre to N998 per litre in Lagos and over N1,000 per litre in Abuja.

 

The increase in the price of petrol, which came on Wednesday, was noticed at the pumps at all NNPCL depots in Lagos State.

 

The new development is a 12.7 percent or N113 increase from the initial price.

 

Findings by Daily Champion disclosed that Mobil filling station at Agidingbi area of Ikeja sold fuel at N1,000 per litre around 7am to 8am instead of the initial price of N850.

 

The source who also bought it very early said, “Very early in the morning we bought it at N1,000 because we already had the hint that the price will increase but few hours later they stopped selling it.”

 

As at the time of filing this report which was around 5:29pm, the Mobil filling station at Odo-Eran, Ogba was selling at N996.

 

Our correspondent observed that at the station there were queues which obstructed free flow of traffic.

 

But a commercial driver at Alausa in Ikeja said, “I went to NNPC in Agege and bought at N989 per litre, I used keg to buy it.”

 

The national oil company had on September 3, 2024 raised the price of petrol from N568, which was the lowest in Lagos, and N617 in some other parts of the country, to a minimum of N855, obtainable in Lagos.

 

However, The Nigeria Labour Congress,NLC has asked the Federal Government to reverse the new hike in the pump price of petrol it announced on Wednesday.

 

 

Its President,Comrade Joe Ajaero,who conveyed this in a statement on Wednesday,lamented that previous increases in the product did not produce any good result,as Nigerians only got poorer.

 

According to him,the current hike will further deepen poverty as production capacities dip,more jobs will be lost with multidimensional negative effects.

 

He told the government to be bold enough to tell Nigerians in advance the destination it wants to take the country with torrents of increases in the pump price of the product.

 

He added:”We are dismayed by the latest increase in the pump price of petrol. It looks like the only thing this government is known for is increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures.

 

“Even following the logic of market forces , we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly.

 

 

 

 

 

“We challenge the government to go to the drawing board and present us with a blueprint for an inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.

 

 

“It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities”.