The hardships that many Nigerians are currently facing could get worse as pump prices for Premium Motor Spirit, also known as fuel, topped N617/litre today.
The bulk of the Nigerian National Petroleum Company Limited’s filling stations in Abuja, the nation’s capital city, increased their pump prices this morning from N537 to N617 per litre.
This has led to panic buying from drivers who think that if NNPCL stations can hike prices, it would be a sign that importation costs are increasing.
A report in the tabloid Punch claimed that Mohammed Shuaibu, secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, has confirmed the increase in the pump pricing in some NNPCL mega stations.
According to a survey conducted in the area, drivers are swarming filling stations that are still selling at N540 per litre in order to avoid having to pay N617 per litre in the near future; as a result, the long lines are coming back gradually.
The populace have already endured a great deal of pain since the removal was implemented on June 8, 2023, with the inauguration of the Bola Tinubu-led administration, and the impending hike to N617/litre is only making things worse.