7, October 2025/Naija 247news
Nigerians are reeling from the latest increase in petrol prices, with the Nigerian National Petroleum Company Limited (NNPCL) raising prices to between N905 and N945 per litre. This price hike is attributed to supply disruptions caused by the recent Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) strike against the Dangote Refinery.
The Price Increase
The NNPC Limited has increased petrol prices across its outlets nationwide. At some filling stations, prices have been adjusted to N905 per litre, while others sell at N945 per litre. This sudden increase has left many Nigerians struggling to cope with the rising cost of living.
Reasons Behind the Price Hike
The PENGASSAN strike against the Dangote Refinery led to artificial scarcity and panic buying, resulting in the price increase. Depot prices have also risen, with Dangote Refinery selling at N844 per litre and other refineries in Lagos State selling at N845-N850 per litre.
Government Intervention
The federal government intervened, and the PENGASSAN strike was suspended after the Dangote Refinery agreed to redeploy affected workers. Vice President Kashim Shettima urged calm and cooperation, emphasizing that “Nigeria is bigger than PENGASSAN”.
Impact on Citizens
The price hike has far-reaching implications for Nigerians, particularly those in the informal sector who rely on daily earnings. The increased fuel cost will likely lead to higher transportation costs, affecting the prices of goods and services.
Economic Consequences
The fuel price increase may also have a ripple effect on the economy, leading to increased inflation and reduced economic activity. Businesses may struggle to maintain profitability, potentially resulting in job losses and reduced economic growth.
The fuel price hike has significant implications for Nigerians, exacerbating the country’s economic challenges. As the government works to stabilize the economy, citizens will be watching closely for signs of relief. In the meantime, Nigerians will have to adjust their budgets to accommodate the increased fuel costs .
(www.naija247news.com)
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Reporting by Favor Akpan, News Writer in Lagos, Nigeria.
