Fear Of Fuel Price Hike Heightens As Major Importers Pull Out
Growing concerns are mounting across Nigeria as the fear of an impending surge in the price of petrol, known as PMS, looms large, causing distress among citizens.
Since the subsidy was removed by President Bola Ahmed Tinubu on May 29, 2023, the cost of living crisis has intensified.
The average pump price of a liter of petrol is N610 in Lagos, N660 in Abuja, and neighboring states in the North Central geopolitical zone. In North West states like Kano, Sokoto, Zamfara, and Jigawa, petrol is sold for up to N700 per liter.
Independent marketers, who began importing fuel four months ago, have halted operations, citing the unprofitability of importing and selling at the current landing cost. Ukadike Chinedu, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), emphasized, “So, if you consider the cost of diesel, dollar, and other international factors, the price of petrol in Nigeria should be around N1,200/litre, but the government is subsidizing it, which, to an extent, is understandable.”
The Nigerian National Petroleum Company (NNPC) Limited, the sole importer of products, countered rumors of a price increase, assuring the public of “ample availability of PMS across the country.” The Chief Corporate Communications Officer of the NNPC Ltd, Olufemi Soneye, emphasized, “There is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.”
Despite the NNPC’s assurances, apprehension about a possible price hike persists. Sources in the oil and gas industry revealed clashes between the NNPC Ltd and petroleum marketers IPMAN over the removal of subsidy on petrol.
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The return of the subsidy regime, reported by Daily Trust on September 21, 2023, sparked denials within government circles. However, critical stakeholders like the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) confirmed the return of the subsidy.
PENGASSAN’s National President, Festus Osifo, insisted on October 6 that the Nigerian government had restored the subsidy on petrol, citing the cost of crude oil in the international market and the exchange rate.
But NNPC Ltd responded, denying any subsidy and stating that they recover their full cost from imported products.
