There has been widespread speculation that the Nigerian National Petroleum Company Limited (NNPCL) will soon announce new hikes in fuel pump prices across the country.

Nigerian netizens on X (previously Twitter) have raised concern about the Nigerian government's alleged plan to raise petrol pump prices to N1,200 per litre across the country.

There has been widespread speculation that the Nigerian National Petroleum Company Limited (NNPCL) will soon announce new hikes in fuel pump prices across the country.

It was reported by The PUNCH that fuel marketers under the auspices of the Independent Petroleum Marketers Association of Nigeria had clashed with the NNPCL over what should be the new pump price in light of the depreciation of the Nigerian currency, Naira.

Reacting to this, NNPCL, in a statement issued by its Group Communications Officer, Olufemi Soneye, said there was no plan to increase the fuel pump price anytime soon.  

Soneye stated, “NNPC Ltd emphasises it has not clashed with any party. The Punch headline is deemed unfortunate.”

“The publication sought confirmation on the alleged subsidy reduction, to which NNPC responded that the subsidy has been entirely removed,” he added.

However, X users say that worse economic hardship loom if the government and the NNPCL should increase the fuel price as speculated.

A user, identified as Yanju said that previous experiences had shown that implementation of any policies in Nigeria always started like a rumour.  

He said, “This was how they increased it to 600 without much fuss. They'll do it again and again. And whenever we're about to complain, they'll throw in the ‘refineries will soon start working card.’”

“You can’t tell me this Nigerian economy doesn’t encourage fraud. How do you expect a guy earning even 200k a month to live with Fuel 1200? New year, New problems,” another user, DREYLO said.

According to Stes_Giddy, any further increment of fuel prices by President Bola Tinubu’s administration would affect the country’s small-scale economic sector.

He said, “Guy why you dey go far? 200k ke? There are sales girls and boys who earn less than 50k and they pay rent and transport to the island every day. What of business owners, I sell Chandeliers, I have to run gen from morning to night to display samples to customers.”

Nick’s Pizza said pegging the pump price at N1,200 should be considered a lack of empathy from the government on the current struggles Nigerians are currently facing to survive.

He said, “You even mentioned 200k, it’s only about 40% (according to stats) who earn that amount or close in this country. A lot of people and family men earn less than that in a month. How does the government expect them to survive.”

“If NNPC can't manage the petroleum affair of the nation, can they just scrap them off or just privatise the ministry so those who have something to offer can take over? Wtf is fuel 1200 in 2024? Do this people really understand the level of hardship Nigerians are going through,” another user, Omotayo said.