ENUGU, Nigeria (VOICE OF NAIJA)- Recent reports have revealed that petrol prices in the northern regions of Nigeria have reached an alarming high, with some filling stations selling Premium Motor Spirit (PMS) at an astonishing N685/litre. This increase comes after the Federal Government-approved price bands were surpassed, causing concerns among the public.
In July, the official pump price of petrol was adjusted from N537-N550/litre to N617/litre in Nigerian National Petroleum Company Limited (NNPCL) stations in Abuja and many northern states. In Lagos and other South-West states, the price also surged from N488-N500/litre to around N580/litre, while in the South-South, it rose from N515/litre to approximately N600/litre.
Oil marketers explained that price shifts at NNPCL stations reflected government-approved price adjustments, as NNPCL was a major importer of petrol and considered a benchmark for pricing, according to Punch report.
The NNPCL is now the exclusive importer of petrol in Nigeria since other marketers struggled to access the necessary U.S. dollars for fuel imports.
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Despite these changes, some independent filling stations, particularly in the North, have raised prices to as high as N685/litre, notably in states like Sokoto and Taraba.
In Abuja, independent dealers have increased their pump prices to around N630/litre, while black market vendors are selling petrol in jerrycans for approximately N850/litre.
Meanwhile, NNPCL stations in Wuse Zone 6 and Garki Area 10 continue to sell at the official pump price of N617/litre.
In Lagos, several filling stations, including some NNPCL-owned, have closed their operations, and prices have surged to between N600 and N620/litre at retail outlets owned by independent marketers.
Similar price increases have been observed in states like Delta, Benue, Bayelsa, and Katsina, causing distress among motorists and residents.
The high cost of diesel used for transportation has contributed to these soaring petrol prices, particularly at independent dealers’ stations.
Despite these price hikes, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has not provided any official explanation for the situation.
It is clear that the continuous increase in petrol prices is having a significant impact on the cost of living in Nigeria, leading to widespread concerns among the public.