The pump price of petrol has surged to near ₦1,000 per litre in several parts of the country, with filling stations adjusting prices in response to rising landing costs and supply concerns.
Price Hikes Across Major Cities
According to data from petroleumprice.ng, some stations in Lagos, Abuja, Ogun, and Akwa Ibom have adjusted their rates significantly. In Uyo, Moglo Ltd at Old Abak Road, Ikono, is selling petrol at ₦1,000 per litre, while Rantho Oil and Gas Ltd along Uyo-Ikot Ekpene Road has set its price at ₦980 per litre. Meanwhile, filling stations in Lekki Phase 1, Lagos, are selling the product at ₦930 per litre, with other outlets in the area pricing between ₦920 and ₦940 per litre. Abuja and Magboro in Ogun State have also seen hikes, with prices ranging between ₦960 and ₦970 per litre.
Supply Constraints and Rising Costs
The recent surge in petrol prices is attributed to mounting supply challenges and escalating import costs. Market insiders point to fluctuating foreign exchange rates and logistical bottlenecks as key drivers of the rising landing costs. With Nigeria still heavily reliant on imported fuel, the market remains vulnerable to global price shifts and currency depreciation, further compounding the situation for consumers.
The Nigerian National Petroleum Company (NNPC) Limited and independent importers continue to grapple with supply chain challenges, further exacerbating the instability in fuel prices. While the price war between NNPC and Dangote Refinery had led to reductions in fuel prices earlier in the year, the latest price spikes suggest a shift in market dynamics.
Dangote Refinery Silent Amid Crisis
Despite the growing concerns, Dangote Refinery has remained silent on its pricing strategy and supply plans. The refinery, expected to ease Nigeria’s reliance on imports, has yet to make a statement regarding the rising costs and its potential role in stabilizing the market. Industry stakeholders are now questioning whether Dangote’s silence signals an impending adjustment in its supply policies or a strategic response to market forces.
Uncertain Future for Consumers
With prices inching closer to ₦1,000 per litre, many Nigerians are bracing for a ripple effect on transportation and the overall cost of living. Analysts warn that unless urgent interventions are made, the trend could persist, deepening economic hardship for consumers and businesses alike.
As the nation awaits clarity from key players in the petroleum sector, the fear of further increases looms, leaving motorists and businesses struggling to navigate the ever-changing fuel market.
