In Northern Nigeria, fuel prices have surged to an alarming N685 per liter, causing concern among citizens. Despite the government's approved price bands, some filling stations are selling petrol well above these rates. The price hike began in July when the Nigerian National Petroleum Company Limited raised prices, with similar increases across different regions. The primary importer of petrol into Nigeria is now the NNPCL, as other marketers ceased imports due to difficulties in accessing U.S. dollars.
The rise in fuel prices coincided with President Bola Tinubu's announcement that petrol subsidies had ended, resulting in a jump from N198 per liter to over N500. Despite the government's set price bands of around N580/liter in the South and N617/liter in the North, petrol is being sold for as high as N685/liter in some northern states. In Abuja, independent dealers sell around N630/liter, while black marketers offer it at approximately N850/liter.
These skyrocketing fuel prices are impacting the lives of Nigerians and the overall cost of living, with consumers questioning the reasons behind the frequent price hikes.
