In a move that has sparked widespread outrage, major petroleum marketers, including MRS, have increased the pump price of petrol to N930 in Lagos and N960 in Northern states. This development has added to the economic hardship faced by Nigerians, who are already grappling with high inflation and a depreciating currency.
The price increase, which took effect on March 29, 2025, has been attributed to the rising cost of crude oil in the international market. According to sources, the landing cost of petrol has increased significantly, making it impossible for marketers to sell the product at the old price of N870.
In a statement, the Major Oil Marketers Association of Nigeria (MOMAN) explained that the price increase was unavoidable. Current market realities made this necessary.
The Federal Government has yet to react to the price increase. However, sources indicate that the government is under pressure to intervene. The Nigerian National Petroleum Corporation (NNPC) is set for an emergency meeting with the government. They will discuss the price increase.
The price increase is expected to have far-reaching economic implications. These include higher transportation costs. Food prices are likely to rise. Similarly, inflation is expected to increase. The Nigerian economy is already struggling, and this development is likely to worsen the situation.
The public has reacted with outrage to the price increase, with many taking to social media to express their dissatisfaction. The hashtag #FuelPriceHike is trending on Twitter, with many Nigerians calling on the government to intervene.
The fuel price hike has added to the economic hardship faced by Nigerians. Marketers have attributed the price increase to the rising cost of crude oil. The government is under pressure to intervene. The economic implications of the price increase are far-reaching, and it remains to be seen how the situation will unfold.