When Nigerians on social media started using the pharse ‘wahala no de finish’, many people, especially those outside the country may have thought that it was only intended for the trends.

Unknown to them, the hardship in Nigeria was fast becoming unbearable and truly, without end.

Petrol Scarcity Looms As NNPC Increases Pump Price For The Third Time In 60 Days

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You see, everyday in Nigeria comes with its own challenges.

Of course, life is full of challenges, but for Nigerians, theirs is overdose.

Some days ago, the cries of Nigerians could be heard echoing clearly from every corner of the country.

That day, they had received a shocker as the Nigerian National Petroleum Company Limited (NNPCL) adjusted the pump price of Premium Motor Spirit (PMS), commonly known as petrol in the country.

One cannot even begin to recount the negative impact this increase had on Nigerians, businesses, and so on.

A True Nigerian 

Well, trust Nigerians, they found a way to pull through even with the high cost of petrol, a move that reflects the resilience spirit of a true Nigerian.

However, this resilience spirit seems to have become an issue.

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To many critics, the idea of always looking for a way to pull through these situations is what has left the country in this state.

Sadly, that was just the beginning, the NNPC was not done.

As we speak, the petroleum company has again increased the price of petrol to ₦1,025 per litre in Lagos and ₦1,060 per litre in Abuja.

This marks the third price adjustment within two months.

Petrol Price Hike

The latest price hike comes as Nigeria’s Bonny Light crude fell from $75 to $72 per barrel, falling short of the 2024 budget benchmark of $77.96 per barrel by 8.2 percent.

This shift in crude pricing has contributed to further increases in the pump price of petrol as the country continues to adapt to the deregulation policy implemented by the Federal Government.

In response, petrol stations across Lagos swiftly adjusted their prices, with motorists rushing to outlets yet to implement the new rates.

Also Read: “Petrol Is Available At Our Refinery, Come And Lift Supply” – Dangote tells NNPC, Marketers

In Abuja, many major marketers paused operations briefly to update their meters.

Meanwhile, independent outlets like Ardova Plc continued selling at the previous price of ₦1,125 per litre.

The Third Raise 

NNPCL raised the pump price from ₦897 to ₦1,030 earlier this month following the government’s deregulation measures.

An industry source who spoke with journalists anonymously said: “This is the third adjustment to be made in September and October 2024, based on deregulation.

“The policy enables price to be adjusted based on the forces of demand and supply. The weakness of the naira, currently standing at ₦1,664/$ may also be a factor.”

The steady climb in fuel prices has intensified concerns over rising living costs as Nigerians face ongoing economic pressures.

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