Filling stations in Ilorin, the Kwara state capital, north central Nigeria, and its environs have implemented NNPCL’s new pump price of N617 per litre.

Radio Nigeria reported that numerous filling stations in the city and neighboring towns sold between N515 and N530 per litre in the morning before switching to alternative pricing of N595, N650, and N700 per litre in the afternoon. 

Car owners, particularly commercial transporters, expressed their displeasure at sudden change in price of the highly demanded product while refueling their cars at fuelling stations. 

According to some fuel attendants who spoke on the condition of anonymity to Radio Nigeria, the new fuel price may further lower the number of customers of the petroleum product, noting that patronage has dropped dramatically since the introduction of the N500 per litre price in May. 

Segun Olawale, a trader in Ilorin, said that the new N617 price would exacerbate suffering and poverty among common Nigerians, adding that transportation costs and food prices would rise further. 

Meanwhile, commercial motorcycle and tricycle operators in the city have begun charging extra money on the already raised fee, while inter-state buses have yet to implement a fare hike.

Recall that earlier on Tuesday, the pump prices of Premium Motor Spirit popularly called petrol rose to ₦617 per litre at various outlets of the Nigerian National Petroleum Company Limited (NNPCL). 

What is the Nigerian National Petroleum Company Limited saying? 

The Nigerian National Petroleum Company Limited  blamed the spike in petrol pump prices in the country on ‘market forces’ as Nigerians continue to struggle with high inflation, soaring prices of food, transportation and logistics.

Mr. Mele Kyari, the NNPCL Group Chief Executive Officer, said at a press briefing after a closed-door meeting with Vice President Kashim Shettima at the State House in Abuja, that with the liberalization of the oil sector, market realities will force the price of gasoline up at times and down at others.

“We have the marketing wing of our company. They adjust prices depending on the market realities.

“This is really what is happening; this is the meaning of making sure that the market regulates itself so that prices will go up and sometimes they will come down also. This is what we have seen, and in reality, this is what (how) the market works,” he said.

He stated further that the country has enough supply of petroleum products for distribution across the country.