Petrol Prices Surge Past N1,300/litre as Nigerians Demand Government Action

Nigerians are feeling the pinch as petrol prices soar above N1,300 per litre, prompting calls for urgent government intervention to stabilize the volatile fuel market. 

Retail outlets across the Federal Capital Territory (FCT) have recently increased prices by N60 to N75 per litre, following similar hikes by Dangote Refinery and other depot owners. For instance, MRS, a partner of Dangote Refinery, raised its price from N1,250 to N1,310 per litre.

Motorist Joachim Musa expressed frustration, stating, “I was here yesterday, and the price was N1,270. Today it’s N1,320. It’s impossible to plan daily expenses with such fluctuations.” He urged the government to ensure price stability.

Another motorist, Shuaibu Muhammad, blamed the government for the lack of oversight in the downstream petroleum sector. “We’ve been left at the mercy of petrol station owners,” he said, highlighting the need for consumer protection against extortion.

The latest price hikes come just a day after Dangote Refinery raised its gantry price from N1,200 to N1,265 per litre, exacerbating the already unstable market conditions. 

Chief Chinedu Ukadike, Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), noted that frequent gantry price adjustments are forcing marketers to raise their prices as well. “Every time Dangote increases his price, ours goes up too,” he explained.

Ukadike attributed the volatility to various factors, including international crude oil prices, foreign exchange fluctuations, and geopolitical developments affecting global oil supplies. He also mentioned that the cost of petrol significantly impacts transportation and the prices of goods in Nigeria.

Despite the challenges, there’s some optimism. Ukadike highlighted Dangote Refinery’s free transportation initiative for marketers, which could help ease distribution issues if sustained. However, poor road conditions have delayed some deliveries.

He also raised concerns over the continued importation of petrol, questioning the logic of importing products at higher prices than locally refined options. Ukadike called for greater support for local refining, emphasizing that increased production could eventually enable Nigeria to export refined petroleum products.

As consumers brace for further price increases, the demand for government action remains strong, with many hoping for a more stable and transparent fuel market.