Nigerians Express Fear Of Hardship Over Rumored Plan To Increase Fuel Price To N1,200 Per Litre


Jan 4,2024.

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Nigerian on X (previously Twitter) have raised concern about the Nigerian government’s alleged plan to raise petrol pump prices to N1,200 per litre across the country.

There has been widespread speculation that the Nigerian National Petroleum Company Limited (NNPCL) will soon announce new hikes in fuel pump prices across the country.

It was reported by The PUNCH that fuel marketers under the auspices of the Independent Petroleum Marketers Association of Nigeria had clashed with the NNPCL over what should be the new pump price in light of the depreciation of the Nigerian currency, Naira.

Reacting to this, NNPCL, in a statement issued by its Group Communications Officer, Olufemi Soneye, said there was no plan to increase the fuel pump price anytime soon.

Soneye stated, “NNPC Ltd emphasises it has not clashed with any party. The Punch headline is deemed unfortunate.”

“The publication sought confirmation on the alleged subsidy reduction, to which NNPC responded that the subsidy has been entirely removed,” he added.

However, X users say that worse economic hardship loom if the government and the NNPCL should increase the fuel price as speculated.

A user, identified as Yanju said that previous experiences had shown that implementation of any policies in Nigeria always started like a rumour.

He said, “This was how they increased it to 600 without much fuss. They’ll do it again and again. And whenever we’re about to complain, they’ll throw in the ‘refineries will soon start working card.’”

“You can’t tell me this Nigerian economy doesn’t encourage fraud. How do you expect a guy earning even 200k a month to live with Fuel 1200? New year, New problems,” another user, DREYLO said.(

Peter Okafor
Peter Okafor
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

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