The Digest:
As the cost-of-living storm intensifies for many Nigerians, the price of Premium Motor Spirit (petrol) has surged alarmingly close to N1,000 per litre. This new spike, attributed to supply constraints and operational glitches at the Dangote Refinery, has sparked a fresh wave of anxiety and forced marketers to pursue independent importation in a bid to stabilise the market.
Key Points:
- Petrol prices jumped from ~N865 to between N920 and N1,000 per litre nationwide.
- Marketers blame private depot owners for hiking prices amid a supply shortage.
- The Dangote Refinery has temporarily halted fuel loading for most private marketers.
- This has created a supply tightness, leading to long queues and panic buying.
- The NNPC adjusted its pump prices in response to increased ex-depot rates.
- IPMAN predicts prices will fall once Dangote resumes full loading and competition returns.
- Analysts warn the hike will further fuel inflation in transport and food costs.
Sources: Punch Newspaper
