Fuel prices have increased across the country, leading to scarcity in major filling stations, which has led to transport price increase for passengers plying the roads.
The news of the price increase broke yesterday morning, with reports indicating that the Nigerian National Petroleum Company Limited (NNPCL) retail outlets had adjusted their meters from N568 per litre to N855 per litre in Lagos.
The situation has led to widespread fuel queues, causing significant disruptions across Lagos and other parts of the country.
The Premium Motor Spirit (PMS), better known as petrol, is expected to sell at N1,300 per litre, largely due to the cash crunch that has hit the Nigerian National Petroleum Company Limited, (NNPC).
According to reports, most filling stations in Abuja and Lagos remain shut, forcing commercial motorists and private car owners to form long lines at the few outlets still operating. In Ikeja, Maryland, Ikorodu, and other parts of Lagos, petrol prices have soared to as high as N1,000 per litre, intensifying the struggle for fuel, and this trend is also observed in Ogun State and even in the nation’s capital, Abuja.
Lamenting on the latest development to newsmen yesterday, a food seller in the Obalende axis of Lagos, said: “If transporters can charge this high, I would start selling a spoon of rice for N1,000”, as she decried the unprecedented increment in fuel prices.
In Kano, price of petrol has skyrocketed to N1,200 per litre, as fuel scarcity continues to worsen in the state. However, NNPC stations are selling the product at N902 per litre, sparking concerns over the disparity in prices.
According to reports yesterday, the fuel scarcity in Kano has led to long queues at filling stations, with many residents struggling to access the product. The situation has been exacerbated by the surge in black market prices, leaving many to wonder why NNPC stations are selling at a lower rate.
The disparity in prices has raised eyebrows, with many questioning why NNPCL stations are selling petrol at N902 per litre while the black market price has hit N1,200 per litre. This has led to accusations of price manipulation and exploitation.
The NNPCL, which is the sole importer of petrol into Nigeria, has consistently denied subsidising the cost of PMS but refused to disclose the landing cost of the product. However, it admitted on Sunday that it is facing a financial strain due to the supply costs of the PMS.
President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said that the troubles being faced by the NNPC are not supposed to affect fuel supplies in the country if only other marketers were granted the rights to import refined products.
He explained that the association has continued engagement with the government to see how the scarcity can be addressed by allowing members to import petrol into the country.
