The Nigerian National Petroleum Corporation (NNPC) raised the retail price of gasoline for the second time in a short period [1].

This price adjustment affects petrol stations nationwide and comes as the country attempts to stabilize its energy sector following the commissioning of the Dangote refinery. The move reflects the volatility of import costs and the transition toward domestic refining capacities.

The NNPC announced the price increase on June 12, 2024 [3]. The state-owned oil company raised the retail price of gasoline by 10 Nigerian naira per litre [1].

Following this adjustment, the new retail price of gasoline is 165 Nigerian naira per litre [2]. The corporation said the increase was necessary to align retail prices with current market conditions [1].

Officials said rising import costs were a primary driver for the change. The adjustment follows the recent entry of fuel from the Dangote refinery into the market [1]. This shift is part of a broader effort to move away from heavy reliance on imported refined products, a strategy intended to reduce foreign exchange pressure on the national economy.

Public reaction to the announcement has been characterized by anger. Residents have expressed frustration over the frequency of price hikes and the resulting impact on transportation and general living costs across Nigeria.

“The NNPC raised the retail price of gasoline by 10 Nigerian naira per litre.”

The repeated price hikes by the NNPC highlight the difficulty of transitioning Nigeria from a fuel-import-dependent economy to one utilizing domestic refining. While the Dangote refinery is intended to provide long-term stability, the immediate misalignment between state-controlled pricing and global market costs continues to create economic volatility for the Nigerian public.