Nigeria is facing an unprecedented fuel crisis as petrol prices soar to as high as N1,100 per litre, marking a staggering increase of over 360% compared to the N238 per litre cost in May 2023. This surge follows the third price hike under President Bola Ahmed Tinubu's administration. The Nigerian National Petroleum Company Limited (NNPCL), along with independent marketers such as AA Rano, Shema, and Total, have implemented the latest price adjustment.
The recent hikes have created significant distress among Nigerians, especially in the Federal Capital Territory, where residents and motorists are feeling the immediate financial strain. For instance, the price hike on September 3, 2024, was followed by yet another increase within the same month, pushing transportation costs to astronomical levels.
Why the Price Hike? The ongoing dispute between NNPCL and Dangote Refinery over the pricing of Premium Motor Spirit (PMS) is a major factor contributing to the price surge. NNPCL claims to have purchased petrol from Dangote at N898 per litre, a figure disputed by the refinery, leading to widespread confusion in Nigeria's oil sector. This uncertainty has prompted petroleum marketers to seek alternative import options, further driving up costs.
Aliko Dangote had previously stated that the inauguration of the Dangote Refinery in Lagos would mark the end of petrol imports in Nigeria. However, current events suggest otherwise, as refiners and marketers continue to clash over pricing strategies and import decisions.
The price hikes are particularly severe in certain states, with regions like Borno, Enugu, and Benue expected to face even higher costs for petrol, further exacerbating the burden on Nigerians.
Public Reaction Nigerians are expressing frustration with the escalating costs. Residents such as Benjamin Njoku from Abuja have labeled the hikes "the new normal," while Abdul Abubakar from Niger State echoed similar sentiments, lamenting the financial pressures on households and transportation systems. These price hikes not only affect fuel costs but also have a cascading impact on goods, services, and transportation across the country.
#FuelHike #PetrolCrisis #NNPCL #DangoteRefinery #NigeriaFuelPrices #CostOfLivingCrisis
Comments
Post a Comment