Nigerians are grappling with soaring petrol prices as the cost of Premium Motor Spirit (PMS) has surpassed N1,000 per liter in various parts of the country. The price surge has led to increased financial strain for many citizens, exacerbating the ongoing economic challenges in Nigeria.
Amid this crisis, the Dangote Refinery has started producing PMS and offered to support the Nigerian National Petroleum Company Limited (NNPCL) in reducing the country’s dependence on imported fuel.
Anthony Chiejina, the spokesperson for Dangote Group, confirmed that the refinery aims to ensure petrol is available and affordable.
He noted that, “The Refinery has started producing Premium Motor Spirit. When it gets to commercial quantity and hits the market, you will know.” He emphasized that the refinery’s production would reduce long fuel queues, improve productivity, and secure the country’s energy supply.
However, the NNPCL is facing significant financial difficulties, struggling to maintain the supply of petrol due to a debt of over $6 billion to oil suppliers. The company’s spokesperson, Olufemi Soneye, expressed concerns, stating, “This financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply.”
This has sparked reactions from stakeholders who are worried about the sustainability of the oil and gas sector in Nigeria.
In response, the Independent Petroleum Marketers Association of Nigeria (IPMAN) President, Abubakar Maigandi, urged the public not to panic, assuring that efforts are being made to ensure fuel availability. He explained that petrol prices vary depending on the source, with fuel from NNPCL selling between N650 and N700 per liter, while petrol from private depots is sold at up to N920 per liter due to additional transportation costs.
Across Nigeria, long queues persist at filling stations, with prices reaching between N850 to N1,100 per liter in states like Nasarawa, Niger, and Kogi. Residents in Delta, Bayelsa, Cross River, Imo, Enugu, and Abia states reported prices ranging from N870 to N1,000 per liter.
Amid the rising prices, some experts have criticized the government’s management of the oil and gas sector under President Bola Ahmed Tinubu’s administration. Barr. Ameh Madaki of BBH Consulting described the sector as poorly managed and called for urgent reforms to prevent further collapse. He stressed, “The Government needs to act fast by cleaning the Augean Stable and restoring professionalism and transparency in the running of this all-important sector of the Nation’s economy.”
