The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has indicated that the recent hike in petroleum pump prices may stem from difficulties in securing product deliveries.
PETROAN President Billy Gillis-Harris shared insights during an appearance on Channels Television’s The Morning Brief, stating, “Once there is difficulty in landing products by NNPCL, they will certainly shed some of the loads.”
On Wednesday, the Nigerian National Petroleum Company Limited (NNPCL) raised the price of petrol at its retail outlets in Lagos and Abuja.
A litre of petrol now costs ₦998 in Lagos, a ₦150 increase from the previous price of ₦855, while in Abuja, the price has risen to ₦1,030 from ₦897. This adjustment has triggered a ripple effect, leading to higher prices at other filling stations, with some locations in Lagos selling petrol for ₦1,050.
This price adjustment comes approximately a month after NNPCL increased the price from ₦568 to ₦855 per litre, citing substantial debts to fuel suppliers. NNPCL announced a nearly 40% price hike to address its financial challenges.
Gillis-Harris emphasized that future petrol prices will be influenced by market dynamics, noting that the value of the naira against the dollar will significantly impact pricing, as the sector operates in a dollarized environment. He expressed optimism that the impending launch of the Dangote Refinery could provide relief to consumers.
In light of these developments, the Nigeria Labour Congress (NLC) has expressed its dismay over the price increase and is calling for an immediate reversal. The NLC criticized the government, stating, “Previous increases did not produce any good results; people only got poorer.”
Despite these economic challenges, President Tinubu has urged patience regarding his government’s reforms, which he believes will foster long-term economic recovery and attract foreign investment.
