More Pressure on Nigerians as Fuel Prices Skyrocket to N1,300 Per Litre in Several Nigerian States

• A sharp hike in the prices of petrol in Nigeria has left many Nigerians frustrated amid a two-month scarcity
• Pump prices have skyrocketed across the country with many filling stations selling the product for as much as N1,400
• Tunji Adewunmi, a social commentator, said that the recent price hike raises concerns about inflation and the cost of living

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the Stock Market.

Nigerians continue to face significant challenges due to a sharp increase in fuel prices, with premium motor spirit (PMS), commonly known as petrol, reaching up to N1,400 per litre in various states.

Nigeria is grappling with petrol issues, as none of its state-owned refineries are currently operational.

Since the removal of fuel subsidy in May 2023, petrol prices have tripled, worsening the challenges faced by citizens who rely on petrol to power their vehicles and generators due to a long-standing unreliable electricity supply.

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Petrol prices at NNPCL outlets across the country were increased from approximately N568 to more than N855.

Rivers, Ekiti sell highest prices

Reports indicate that in regions like Rivers, Kebbi, and Ekiti, fuel stations charge between N1,300 and N1,400 per litre.

In Abuja, the Nigerian National Petroleum Company Limited (NNPCL) set the price at N897 per litre, while independent marketers charged slightly more, ranging from N918 to N1,000 depending on the location.

In Ekiti, NNPCL stations offered petrol at N856 per litre, but prices at independent outlets varied widely from N935 to as high as N1,350.

Ogun State saw prices between N880 and N1,000, while in Ebonyi, the NNPCL price was N980, with others charging between N1,100 and N1,200.

Abia State's NNPCL stations sold petrol at N880, with independent marketers pricing it from N1,100 to N1,200 per litre.

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Anambra experienced similar fluctuations, with NNPCL selling at N980 and other sellers pricing it between N1,000 and N1,200.

In Benue, NNPCL's price was N885, whereas other stations charged between N1,000 and N1,150. Black market prices in some areas soared to between N1,200 and N1,400.

In Oyo State, NNPCL charged N865 for petrol, Total Energies charged N890, and other sellers charged N900 to N1,200.

Katsina's NNPCL price was N855, with independent marketers charging between N1,100 and N1,200.

Akwa Ibom's NNPCL price was N950, and other sellers charged N1,100. In Imo, NNPCL sold for N887, with others charging up to N1,100.

In Port Harcourt, Rivers State, privately owned stations had prices between N1,390 and N1,460.

Delta and Osun States saw NNPCL prices at N885 and N896, respectively, with other stations charging between N950 and N1,250 in Delta and N950 and N1,200 in Osun.

Speaking on the price hike, Tunji Adewunmi, a social commentator, told Legit.ng that Nigeria's recent petrol price hike continues to strain citizens, raising concerns about inflation and the cost of living.

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He said:

"The recent fuel scarcity and subsequent hike in pump price by the NNPC indicates a rising inflation rate ahead. Many are frustrated by the lack of alternatives or relief measures from the government, as transportation, food, and other essentials become more expensive."

He added that the government needs urgent action to address these economic challenges.

Dangote Refinery begins petrol production

Meanwhile, Legit.ng earlier reported that Aliko Dangote, the president of the Dangote Group, had stated that the fuel processed at the Dangote Refinery would contribute to the elimination of all fuel lines in Nigeria.

Noting that it will bring stability, progress, and development, Dangote clarified that it will also ensure that the naira's distortion is corrected.

Speaking further, he stated that as soon as the business finalises its agreement with NNPC Ltd., refined products from the refinery will be sold in the Nigerian market.

Source: Legit.ng