The Labour Party and Peoples Democratic Party have reacted as the Federal Government urged Nigerians not to blame President Bola Ahmed Tinubu solely for the recent Premium Motor Spirit otherwise called petrol price hike. On Wednesday, NNPC retail stations raised the price of petrol to N1,030 from N897/litre in Abuja, and in Lagos, it was hiked to N998/litre from N868/litre. Other locations witnessed similar price hikes, which triggered anger among Nigerians....For More READ THE FULL STORY▶▶
The price hike, the second in one month, represents about 14.8 per cent or N133 rise.
With the latest price adjustment, it means that in the less than 17 months of the current administration, the price of petrol has risen by over 430 per cent from May 29, when it took over the reins of power.
Last month, the national oil company raised the pump price of petrol to N897/litre from the official price of N617 per litre it hitherto sold in Abuja.
It came days after the NNPC said it was heavily constrained by the huge debt it owed international suppliers. The debt is estimated to be $6.8bn.
This development comes days after the NNPC decided to terminate its exclusive purchase agreement with Dangote Refinery, giving room for other players downstream to buy products directly from the Dangote Refinery.
Oil marketers said NNPC’s withdrawal as the sole off-taker of petrol from Dangote refinery meant the Federal Government had systematically stopped subsidy on petrol completely.
It also meant the product would be sold to marketers on a willing buyer, willing seller basis.
The price jumped to as high as N1,200/litre in some other stations in Abuja. For instance, customers bought petrol from one of the Eterna stations in the city centre at N1,200/litre. Mobil station at Arab junction sold to its customers at N990/litre while all NNPCL stations along with Berger didn’t display its pump price.
Minutes after the petrol price hike by NNPCL and other dealers, drivers and transporters have raised their fares.
A report from The PUNCH noted that the cost of a one-way trip from Lugbe to Wuse in Abuja has increased from N700 to N1,000.
In Borno State, transport costs also surged as fuel prices reached N1,250 per litre. It was learnt that many filling stations, including NNPC outlets, were closed, while those still operating set prices at N1,250 per litre. Commercial stations sold fuel for N1,100 per litre, contributing to an artificial scarcity in Katsina State.
In Ilorin, Kwara State, as of Wednesday evening, NNPC stations listed petrol at N1,045 per litre, while Orange Global sold it for N1,300, Rainoil for N1,210, and Total for N1,210.
In Edo, most marketers offered petrol at N1,250 per litre, while in Delta, prices ranged from N1,100 to N1,200, and in Benue, between N1,200 and N1,250. In Abia, prices varied between N1,200 and N1,300, and in Yobe, NNPC sold fuel for N1,098, with other stations pricing it between N1,150 and N1,170. In Ondo, prices ranged from N970 to N1,000 in the morning but rose to N1,115 by evening.…For More READ THE FULL STORY ▶▶
