Fuel Prices Soar in Lagos as Depot Rates Hit N490 per Litre

The cost of fuel is expected to rise even higher as depot prices in Lagos have reached N490 per litre, causing some private downstream companies to sell fuel at prices exceeding the fixed rate of N488 per litre. This development has led to increased fuel pump prices in certain areas of Lagos State.

While the Nigerian National Petroleum Company Limited (NNPCL) depot continues to sell fuel to major marketers at N466.52 per litre, private depots are selling fuel at N490 per litre. As a result, major marketers are selling fuel between N488 and N492 per litre, while independent marketers who purchase from private depots at N490 per litre are charging consumers prices above N500 per litre.

The situation has also led to fuel hoarding by some stations, giving an opportunity for black market traders to sell fuel at inflated prices of N550 per litre or even higher.

In response to the escalating fuel prices, the Nigeria Labour Congress (NLC) is actively exploring alternatives that will benefit Nigerians. The NLC President, Joe Ajaero, stated that fuel prices have become unaffordable for ordinary Nigerians and emphasized the need for natural gas alternatives. Ajaero highlighted the abundance of natural gas deposits in Nigeria and suggested that tapping into this resource could provide relief, particularly for those most affected by the removal of fuel subsidy.

In a related development, the Tinubu administration has announced plans to increase workers’ salaries and establish a framework for Nigerians to use natural gas alternatives for their vehicles. These measures are aimed at alleviating the burden caused by the removal of fuel subsidy, as fuel prices continue to rise.

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