PETROL PRICES SKYROCKET IN NIGERIA, ADDING TO HARDSHIPS FOR CITIZENS
Nigeria is currently facing significant challenges as petrol subsidies have been removed, and the burden on citizens intensifies due to a recent surge in petrol prices.
The Nigerian National Petroleum Company Limited (NNPCL) recently announced a price adjustment for Premium Motor Spirit (PMS), commonly known as petrol, in Abuja. The new price has reached a staggering 617 naira per litre, a considerable increase from the previous rate of 537 naira per litre.
This price hike comes as a result of the rising ex-depot price of PMS and the acquisition of new stock. Mike Osatuyi, the national operations controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), had already predicted an increase in prices due to the ex-depot price rise in June. He warned that this trend would persist, which has now become a reality.
The ex-depot price is the rate at which marketers purchase petroleum products from the depot, directly affecting the price they sell to motorists. The escalating costs have put immense pressure on fuel sellers, leading them to pass on the additional expenses to consumers. Osatuyi stressed the impact of these rising costs on businesses, stating, “If you want to order now for a truck, you will have like N21.8 million, we are going to increase it more than N500 because if I buy at N480/N495, what price will I sell?”
The effects of this surge in petrol prices are not limited to Abuja alone. As per the Nigerian National Petroleum Company Limited (NNPCL), this increase will affect several other regions, including Lagos, Rivers, Imo, and Abeokuta. Presently, petrol prices in these areas stand at N488, N511, N515, and N500, respectively.
With the continuous rise in petrol prices, Nigerian citizens are grappling with the economic burden and uncertainties brought about by the removal of subsidies. The situation calls for urgent measures and solutions to alleviate the hardships faced by the people.