In the wake of escalating crude oil costs, petrol pump prices have surged across Nigeria, sparking widespread queues at filling stations and causing significant concern among consumers. Reports from major cities, including Lagos, Calabar, and Abuja, confirm that the price hikes have strained household budgets and disrupted daily activities.
Petrol Prices Hit Record Levels
At Fynefield Filling Station on Goldie Street, Calabar, petrol was sold at ₦1,000 per litre, while Petrocam on LASU-Igando Road priced the commodity at ₦1,020 per litre. Similarly, Techno Oil in Igando dispensed fuel at ₦999 per litre, Efaco Nig Limited Uyo Ekot Ekpene, Akwa Ibom State sells for ₦1,050, major marketers like Ardova, MRS, and Heyden have adjusted their pump prices to reflect the rising cost of Premium Motor Spirit (PMS), further exacerbating the burden on Nigerians.
According to sources, the hikes stem from an increase in the ex-depot price of petrol by the Dangote Refinery, which recently raised its rate from ₦899 to ₦955 per litre.
Queues Resurface at Filling Stations
Filling stations nationwide, including those in Lagos, Ogun, and Port Harcourt, are experiencing long queues, with some outlets shutting down to monitor market developments. At MRS stations in Lagos, motorists endured hours of waiting to purchase petrol at a relatively lower price of ₦935 per litre.
A major marketer, speaking anonymously, explained, “The rise in petrol prices is directly linked to the global increase in crude oil prices. Dealers are cautious about losses and are adjusting prices to align with current market realities.”
Crisis in Rivers State: Potential Fuel Scarcity
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns about a brewing crisis among oil distributors and transporters in Rivers State. The association’s National President, Dr Billy Gillis-Harry, attributed the situation to conflicts involving the Association of Distributors and Transporters of Petroleum Products (ADITOP).
This discord has led to a halt in the lifting of petroleum products in Rivers State, with PETROAN warning of impending fuel scarcity if the government fails to intervene. “If unresolved, this crisis could cause significant hardship for residents and disrupt economic activities,” Gillis-Harry said.
Calls for Reform and Action
PETROAN has reiterated the need for privatisation of Nigeria’s government-owned refineries to stabilise the downstream sector. The association advocates for policies encouraging competition and efficiency, including granting local refineries access to crude oil and addressing cross-border smuggling of PMS.
Furthermore, PETROAN is urging the government to create a conducive business environment for petrol dealers, including affordable financing and infrastructure improvements, to alleviate the cost burden on consumers.
As Nigerians grapple with the ripple effects of rising petrol prices, the need for swift government intervention and systemic reforms in the oil and gas sector has never been more critical. The ongoing crisis among oil distributors and the upward trajectory of global crude prices underscore the urgency of finding sustainable solutions to prevent prolonged hardship for millions of Nigerians.
