The Nigerian National Petroleum Company Limited (NNPC) has increased the price of petrol across its retail outlets. This sudden hike has left many Nigerians frustrated as they deal with the rising cost of living.

Reports indicate that NNPC filling stations in Abuja and Akwa Ibom State now sell petrol at N999 per litre, up from the previous price of N965. In Lagos, the price has risen from N925 to N960 per litre. This represents an increase of N34 and N35, respectively.

Other fuel retailers are selling petrol at even higher prices. Dangote Refinery, for example, recently raised its price to N970 per litre from N935, and some stations sell petrol for as much as N1,030 to N1,100 per litre, depending on the location.

The main reason for the price hike is the global rise in crude oil prices. Dangote Refinery and the Petroleum Products Retailers Association of Nigeria have cited this as a key factor. However, on Wednesday, Brent crude prices fell to $79 per barrel from over $81 the previous week. Experts believe that global supply could increase in the near future, potentially reducing crude oil prices.

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise also highlighted that changes in global policies, such as new oil drilling measures announced in the U.S., could influence prices in the coming days.

Nigerians have expressed their dissatisfaction with the price hike, pointing out that it adds to the financial burden already caused by inflation and high living costs. Businesses and commuters are particularly hard hit, as transportation and operational costs continue to climb.

For now, the situation remains uncertain. Many hope that global market adjustments and increased supply will bring relief to consumers soon. However, until then, the high cost of petrol is expected to strain the budgets of millions across the country.