Nigeria at 64: Marketers, refiners upbeat on fuel price drop as Nigerians groan
Most filling stations in the Federal Capital Territory have implemented the Premium Motor Spirit (petrol) third pump price hike under President Bola Ahmed Tinubu’s administration.
The Nigerian National Petroleum Company retail outlets and independent marketers such as AA Rano, Shema, Ranoil, Total and others have commenced implementation of the third fuel price adjustment.
Analysis by DAILY POST showed that the price had moved from N238 in May 2023 to between N950 and N1,100 per litre in September 2024.
Many Nigerians and motorists now buy petrol between N950 and N1,100 per litre in Abuja, according to a DAILY POST survey on Friday.
This represents an increase of N862 or 362 per cent compared to the N238 per litre of petrol sold in May 2023 when Tinubu was elected.
A resident, Benjamin Njoku, said the latest hike in pump price is the new normal for Nigerians under Tinubu.
“In September only we had two hikes. On September 3, 2024, and this recent one. It is painful. Hike in transportation will jump astronomically,” he said.
Abdul Abubakar, a resident of Niger State, expressed the same frustration.
The price may be higher in states such as Borno, Enugu and Benue states.
This comes as NNPCL on Monday announced a fresh price list across its retail outlet after lifting PMS from Dangote Refinery.
NNPCL had lifted petrol from Dangote Refinery upon its inaugural distribution.
However, the state-owned firm had engaged in a battle with Dangote Refinery over price.
While NNPCL insisted it bought, Dangote Refinery Petrol at N898, the 650,000 per day Lagos-based refinery disagreed. The development created confusion in Nigeria’s oil and gas sector.
This situation has led to petroleum marketers looking to import, ignoring Dangote Refinery’s product.
But refiners had kicked against the marketers’ move to import.
Earlier in May 2024, the President of Dangote Group, Aliko Dangote, had said that the kickoff of petrol in his refinery meant an end to the product imports in Nigeria.
The National Bureau of Statistics data showed that petrol pump price stood at N238 per litre in May 2023.
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