Fuel prices in Lagos have surged from N860 to N930 per litre, forcing consumers to pay at least N70 more than they did just days ago.
In response, the Human Rights Writers Association of Nigeria (HURIWA) has called on President Bola Tinubu to ensure the continued implementation of the naira-to-crude oil deal between the Nigerian National Petroleum Company Limited (NNPCL), Dangote Petroleum Refinery, and other local refineries.
Several fuel stations, including MRS Oil & Gas, Ardova, and Heyden, which have special agreements with Dangote Refinery, adjusted their pump prices accordingly. Others, such as Matrix Energy, North-West Petroleum, TotalEnergies, Mobil, Bovas, and Enyo, also followed suit.
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Reports indicate that MRS, which previously sold petrol at N860 per litre, increased its price to N930 in Lagos.. In some areas of Lagos and Ogun State, fuel is now being sold for as high as N960 to N970 per litre.
The price increase follows Dangote Refinery’s decision to temporarily stop selling petroleum products in naira, citing the need to match sales revenue with crude oil purchase obligations, which are denominated in U.S. dollars. The refinery, however, assured that it would resume local sales in naira once it secures crude oil shipments from the NNPC in the same currency.
HURIWA’s Appeal
HURIWA warned that any disruption to the naira-to-crude arrangement would lead to further spikes in petrol prices, worsening the hardship faced by Nigerians.
In a statement, HURIWA’s National Coordinator, Emmanuel Onwubiko, urged Tinubu to direct the Ministers of Finance and Economy to reach an agreement that would sustain the deal.
He emphasized that governance should be rooted in compassion and economic policies that prioritize citizens’ welfare, rather than mere political rhetoric.
HURIWA also reminded the government that the World Bank had previously warned that millions of Nigerians would fall deeper into poverty due to rising living costs. With the six month naira to crude agreement to initiated in October 2024 officially ending yesterday, the organization urged President Tinubu to adopt a more humane approach to economic governance.
