Overview of Nigeria’s Fuel Situation
As Nigerians continue to cope with rising fuel prices, Naija News provides the latest updates on petrol costs, fuel supply, and the public’s response to government policies.
Petrol Prices Declining Amid Competition – IPMAN
Recent deregulation in Nigeria’s downstream oil sector has led to a slow decrease in petrol prices, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN) and key oil marketers. This trend is attributed to increasing competition among marketers following the Nigerian National Petroleum Company Limited’s (NNPCL) import of over 2 billion litres of Premium Motor Spirit (PMS) in the past 42 days.
Agreement with Dangote Refinery to Boost Petrol Supply
An agreement has been reached between Dangote Petroleum Refinery and IPMAN to supply 60 million litres of petrol each week, amounting to 240 million litres monthly. The refinery’s capacity to maintain this supply will depend on demand from IPMAN members. The $20 billion Lekki refinery is also working on funding to enhance crude oil imports and expand production.
Labour Union’s Call for Policy Reversal
Organised Labour has urged President Bola Ahmed Tinubu to reconsider the floating of the Naira and the hike in energy costs. This request was made during the National Union of Shop and Distributive Employees’ (NUSDE) conference in Ibadan. NUSDE President, Aminu Megbontowon, voiced concerns over the government’s policies, highlighting the strain on Nigerian workers and businesses.
Key points raised include:
- Rising petrol prices, surpassing N1,000 per litre.
- Electricity tariffs climbing from N68 to N227, putting additional pressure on households and businesses.
- The financial burden on Nigerians, whose purchasing power remains low despite the nation’s status as an oil producer.
Oil marketers report that competition is beginning to stabilize prices after the initial shock of deregulation. However, fuel scarcity concerns persist as the nation continues to adapt to market change.
Stay informed with Nigeria Times News for future updates on Nigeria’s fuel situation.
