Nigerians woke up on May 1, 2026, to the news of a hike in petrol prices by both the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).
The AlaIgbo Political Watchdog is concerned by the sudden increase in petrol prices by the NNPCL and Dangote Refinery on April 30, 2026.
In a statement signed by Prince Ben Ahanonu, the Spokesperson, AlaIgbo Political Watchdog said, “Implementing this hike just one day before International Workers’ Day is viewed as a wicked, selfish, and insensitive ambush on ordinary Nigerians already grappling with biting hyperinflation”.
“We join civil rights groups and labor unions in roundly condemning this cruel move, which has only created more misery and pain for citizens who are barely surviving the country’s excruciating economic situation.”
“This latest increase in fuel pump prices heightens hardship, weaponizes poverty, and condemns Nigerians to utter hopelessness.”
“It is surprising that the CNG vehicles touted by the Tinubu administration remain a pipe dream, even as daily life in Nigeria becomes a biting misery.”
“In raising its petrol gantry price by ₦75 to ₦1,275 per litre on April 30, the Dangote Refinery cited a surge in global Brent crude prices, which jumped from $105 to $125 per barrel due to geopolitical tensions in the Middle East.”
“The NNPCL followed by raising its Abuja pump price to ₦1,364 per litre, with officials arguing that because Nigeria’s fuel market is now deregulated and benchmarked internationally, local prices must reflect global shifts regardless of local refining.”
“Meanwhile, NNPCL cited “higher supply costs in the downstream sector” as the primary reason for their adjustment.
The trite reasons given for the latest petrol price hikes all boil down to corruption, bad leadership, greed, and glaring inefficiency.”
“The Dangote Refinery, for instance, is facing severe crude supply shortages; it currently receives only five of the 13–15 monthly cargoes required. This shortfall forces the refinery to purchase Nigerian crude from international middlemen at premiums exceeding $18 per barrel. Such reliance on foreign intermediaries causes Nigeria to lose potential revenue and highlights persistent domestic supply challenges, despite ongoing efforts to source crude locally.”
“Operating well below capacity, the 650,000 bpd refinery relies on imported or broker-supplied crude to fill the gap. This forces the refinery to navigate a ‘tyranny of middlemen,’ with Nigerian crude often routed through London and Dubai and sold back to the country with significant markups.”
“Equally, the inability of Nigerian National Petroleum Company Limited (NNPCL) to meet its supply obligations sustains the reliance on higher-cost international channels.”
“Reports suggest that some International Oil Companies (IOCs) are deliberately making it difficult to buy local crude, forcing higher imports.”
“While the Presidency credits the naira-for-crude policy for shielding Nigeria from global supply shocks, recent reports indicate substantial shortfalls. Between October 2025 and mid-March 2026, the Dangote Refinery reportedly experienced a supply gap of nearly 79.53 million barrels compared to its requirements.”
“From an operational standpoint, purchasing crude through middlemen is a desperate measure to maintain plant uptime. Nationally, however, this approach is viewed as inefficient; despite its vast reserves, Nigeria’s lack of internal logistics and contractual enforcement forces its own refineries to bypass direct supply. This systemic failure results in wasted foreign exchange and unnecessarily high domestic fuel costs.”
“With petrol prices hitting ₦1,440/L in some regions, there are fears of immediate spikes in food and transportation costs.”
“AlaIgbo Political Watchdog demands a reversal of the recent petrol price hike or the reintroduction of a transparent, well-monitored subsidy. The current economic climate is intolerable; with life expectancy plummeting and crime rising, the masses suffer while a privileged few prosper.”
“One incontrovertible truism is that removing petrol subsidy without a corresponding and significant reduction in the cost of governance is a devious mismatch and a mockery of economic reform.”
