The Nigerian National Petroleum Company Limited (NNPC) has raised petrol prices once again, with a new pump price of N1,030 per litre in Abuja and N998 per litre in Lagos. This marks a 15% increase from the previous prices, which were N897 in Abuja and N615 earlier in September.

This price adjustment is the second time in a month that Nigerians are experiencing a hike in fuel costs, leading to widespread frustration. Many Nigerians took to X (formerly known as Twitter) to express their dissatisfaction, with some wondering how this would affect the cost of living.

The increase comes shortly after the NNPC announced the end of its exclusive agreement with Dangote Refinery. Previously, NNPC was the sole buyer of petrol from the refinery, but the company has now opened the market to other petrol marketers. This means that other marketers can now negotiate their own fuel prices directly with the refinery.

While this move is expected to increase competition in the market and may lead to more pricing options in the long run, the immediate impact has been a significant rise in petrol costs. As consumers bear the brunt of these changes, many are concerned about the broader economic effects, particularly on transportation and food prices.

It remains to be seen whether the increased competition in the market will eventually bring some relief to Nigerians, but for now, the rising cost of petrol continues to be a major challenge for everyday life.