Nigerians are facing a daunting challenge as the cost of Premium Motor Spirit (Petrol) has skyrocketed to over N1000 per liter in many parts of the country.
The situation has been exacerbated by the Nigerian National Petroleum Company Limited’s (NNPCL) admission of financial strain, with a debt burden of over $6 billion.
In a glimmer of hope, the Dangote Refinery has commenced production of PMS, promising to ease fuel queues and ensure energy security. According to Anthony Chiejina, Spokesperson of Dangote Group, “The Refinery has started producing Premium Motor Spirit. When it gets to commercial quantity and hits the market, you will know.”
Despite the promise of relief, fuel queues persist across the country. In Abuja, only a few filling stations were dispensing fuel, with long queues. Prices ranged from N617 to N720 per liter.
The President of Independent Petroleum Marketers of Nigeria (IPMAN), Abubakar Maigandi, urged Nigerians not to panic, saying, “We are working with NNPCL to ensure the product is available.” However, the Managing Partner of BBH Consulting, Ameh Madaki, criticized the government’s management of the oil and gas sector, saying, “The Government needs to act fast to address the challenges before a complete collapse.”
Uche Okoro of Energy Development & Data Accuracy Centre (EDDAC) said any fuel price hike without considering the entire costs across the value chain would be “laughable.” He emphasized the need for a holistic approach to addressing the fuel price crisis.
