HomePoliticsNigerians Struggle with Escalating...

Nigerians Struggle with Escalating Petrol Prices and Scarcity

Nigerians continue to face severe petrol scarcity as the landing cost of Premium Motor Spirit (PMS) has soared to ₦978 per litre. With the black-market exchange rate at ₦1,500 per dollar, the landing cost, including international price, shipping, and insurance, has jumped significantly from ₦720 per litre in October 2023. This increase excludes additional charges from the Nigerian Ports Authority, vessel fees, and distribution costs, which further elevate prices.

The naira recently hit a three-month low of ₦1,530 per dollar on the parallel market, exacerbating the petrol price crisis. Despite President Bola Tinubu’s announcement ending petrol subsidies on May 29, 2023, pump prices have surged from below ₦190 per litre to over ₦600 per litre. Finance Minister Wale Edun indicated that the removal of subsidies is ongoing, with projected costs rising to ₦5.4 trillion in 2024.

Long queues persisted at petrol stations, with some retail outlets in Abuja, Nasarawa, and Niger raising prices to ₦900 per litre. The NNPC Limited attributed the queues to recent thunderstorms and logistical issues at fuel-loading jetties but assured stakeholders that efforts are underway to resolve the situation. Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, emphasized the need for collaboration between the government, NNPC, and downstream sector operators to achieve a lasting solution.

Download our official mobile app

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Findwhosabi

Dollar To Naira Exchange Rate, July 17, 2024

Findwhosabi News has gotten the official dollar to the naira exchange...

Dollar To Naira Exchange Rate, July 16, 2024

Findwhosabi News has obtained the official dollar to the naira exchange...

Dollar To Naira Exchange Rate, July 15, 2024

Findwhosabi News has obtained the official dollar to the naira exchange...

Dollar To Naira Exchange Rate , July 13, 2024

Findwhosabi  News has obtained the official dollar to the naira exchange...