The price of petrol technically called Premium Motor Spirit (PMS) has skyrocketed to between N930 and N970 per litre in Lagos, Ogun State and the Federal Capital Territory, Abuja
Previously the price ranged from N860 to N890 especially in Lagos State.
But investigation yesterday revealed that many major petrol stations in Lagos had adjusted their fuel pump price to N930 and above investigations revealed that major filling stations in Ikeja, Ikorodu, Agege, Ogba, a filling station on Admiralty Road in Lekki Phase 1 sold the product at N930 per litre with some other retail outlets in Lagos sold at between N930 and N935 per litre.
Information available indicated that some retail stations in Abuja and Magboro in Ogun state sold the product at prices ranging between N960 per litre and N970 per litre.
The development has dashed the hope of people who travelled for Sallah break of having stable transport faire back to their destinations.
It has also worsened the apprehension and sufferings of many Nigerians who already had been traumatized because of the high inflation rate.
Recall that Dangote had on March 19 announced temporary suspension of sales of petroleum products in Naira.
However, the federal government said discussions were still ongoing on either continuation or stoppage of naira for crude policy.
Dangote while announcing the temporary suspension of sales of petroleum products in Naira the decision was necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.
The statement further read: “To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.
“Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is a malicious falsehood. Our systems are robust and we have had no fraud issues.
“We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira.”
