The ongoing fuel crisis in Nigeria has taken a turn for the worse as petroleum marketers have confirmed an unprecedented increase in petrol prices, with rates expected to exceed N500 per litre. The announcement has sent shockwaves throughout the nation, further burdening Nigerians who are already grappling with economic challenges.
Oil marketers, on Wednesday, confirmed the hike in the pump price of Premium Motor Spirit popularly called petrol to over N500 per litre depending on the location of purchase.
The anticipated hike in petrol prices has triggered widespread concerns among Nigerians who are heavily dependent on fuel for transportation, electricity generation, and daily activities. The rising costs are expected to have a domino effect on the prices of essential commodities, transportation fares, and the overall cost of living.
Recall that a document allegedly emanated from the Nigerian National Petroleum Company Limited, according to marketers, which contained figures that were described as the “Current NNPC Pump Price”, and “New Pump Price Per May 31, 2023,” of petrol, showed that the latest cost of PMS in various states and the Federal Capital Territory.
Figures in the document indicated that while the cost of petrol in Borno State was put at N557 per litre, the prices in Lagos, Abuja, Enugu and Ekiti were outlined as N488 perlitre, N537 per litre, N520 per litre, and N500 per litre respectively.
Although officials of NNPCL and the Nigerian Midstream and Downstream Petroleum Regulatory Authority kept mute about the document when contacted, oil marketers affirm that the document was authentic.
The President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, confirmed the document as true, which implied that the cost of petrol had been increased to over N500 per litre in various states by the NNPCL.
Asked whether the document on the new pump price of petrol, purportedly issued by the NNPCL to oil marketers was true, Gillis-Harry replied, “Correct.”
The fuel crisis and the looming petrol price hike underscore the urgency of addressing fundamental issues within Nigeria’s energy sector. Calls for diversification of the economy, investment in alternative energy sources, and reforms to ensure a more sustainable and stable fuel supply have become more pronounced in the wake of this crisis.
