Fuel Price Hits N1,200 Per Litre in Nigeria
Olufemi Orunsola
Following the announcement of an increase in fuel price by the Dangote Refinery over the weekend, reports reaching the news desk of OPEN TELEVISION NAIJA OTN News have it that fuel price has skyrocketed from below N1,000 per litre to N1,200 per litre.
OTN News gathered that many filling stations in the country have swung into the prompt business action by upwardly adjusting their fuel price accordingly.
From the Federal Capital Territory, Abuja, where the Nigerian National Petroleum Company Limited (NNPC Ltd) sold at N940 per litre while others were selling between N1100 and N1200 per litre, effective from
Friday morning, PMS was being sold between N945 and N1,075 across the different filling stations in Abuja.
However in the aquatic metropolitan city of Lagos Nigeria, some private filling stations have increased their rate to between N970 and N1,050 from the previous rates of between N935 and N990.
However, some petrol stations owned by the NNPC Ltd are reported to have stuck to selling the essential commodity at N925 per litre.
Similarly, reports from some parts of South East, South-South, and some northern areas stated that per litre of fuel was sold for more than N1,200.
OTN News recalls that the Dangote Petroleum Refinery had on Friday announced increase in the prices of fuel to its customers.
The leading Nigerian private refinery in the statement had announced that its refined products would now be priced at N955 per litre at the loading gantry, marking an adjustment in its pricing structure.
It stated that "marketers buying between 2 million – 4.99 million litres will now buy at N955 per litre while 5 million litres & above will buy at N950 per litre.
"This is an increase of N55.5 or 6.17 per cent from N899.50 per litre announced as a holiday discount for Nigerians last year December.
The notice read: “Kindly be advised that effective from 5:30 pm today, (Saturday) an upward adjustment has been implemented on the gantry price of Premium Motor Spirit.
“Quantity: Previous Price (NGN/Litre): 2million-9.99 million -N899.50; 10 million Litres & Above N895. Quantity: New Price (NGN/ Litre) 2 million – 4.99 million N955; 5 million Litres & above N950.”
On the global scene, oil prices recently had risen to between $76 and about $82 per barrel depending on the type of crude.
Meanwhile, the President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Festus Osifo, had during the public session of PENGASSAN’s National Executive Council (NEC) in Lagos, blamed the highly depreciated value of the Naira for the high cost of petrol in Nigeria.
According to Osifo, “In terms of the pricing of petroleum products, the real challenge that we are facing as a country is majorly about our exchange rate. The price of PMS is high today because the exchange rate is high. It is also that exchange rate that has affected literally the price of everything. Before today, how was the cost of a laptop? Some could be purchased for N100,000 or thereabout. But today, you are going to spend about N1 million or more to get a very good laptop. The reason is because of exchange rate", noting that "That is the real challenge that we are facing."
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