LAGOS, Nigeria — Petrol prices soared on Monday, August 14, 2023, with costs reaching N650 per litre in Borno, Oyo, and Delta states, an unsettling jump from the official rate of N617.
Amid an unstable economic backdrop, marketers are ringing alarm bells, warning of prices spiking to between N680 and N720 per litre if the naira continues its descent in the parallel market.
July saw a staggering 37.4% increase in the landing cost of petrol, as it touched N632.17 per litre, a surge from June’s N460.
In Maiduguri, the Borno State capital, rates ranged between N625 and N655 at select private stations, with the NNPC Mega station listing it at N635.
Meanwhile, motorists in Ibadan, Oyo State, were greeted with revamped prices, as many fuel stations upped the price from N580 to as much as N690.
Notable outlets like Ola Shehu and Laryma-C pegged the fuel between N600 and N690.
Despite the hike, Petrocam and NNPC stations in Ibadan maintained a selling rate of N580, albeit amidst lengthy queues.
Lagos wasn’t left behind in this fuel frenzy. Anxieties over a prospective price escalation led to conspicuous hoarding, resulting in long queues at both NNPCL outlets and numerous private stations.
The long wait was evident at the Mobil station on Lateef Jakande, Alausa, and the NNPC station on Kudirat Abiola road.
“It’s like déjà vu all over again with these price hikes,” lamented Abayomi Paul, a motorist at the First Royal station on College road. “It used to be N560 here, but now it’s N568. And others, like the Conoil after the Ifako Ijaiye council secretariat, aren’t selling at all.”
Echoing Paul’s concerns, another motorist, Abideen Agboola, voiced fears about the adverse impact of further price escalations.
“Rumors of N750 per litre? That will be the death knell for numerous small enterprises,” he said.
Such sentiments might not be baseless. An attendant in Ikeja revealed, anonymously, that they had received instructions to halt petrol dispensing pending an official price review.
“We’ve been told a new price is on the horizon,” he shared.
Fuel scarcity isn’t just a Lagos issue; neighboring Ogun State is feeling the pinch too, with long queues becoming commonplace.
In a twist, the NNPCL attempted to assuage the escalating concerns.
Their verified Twitter handle addressed the situation: “Dear esteemed customers, we at NNPC Retail value your patronage. Contrary to speculations, we have no intentions of hiking our PMS pump prices. Please continue to purchase quality products at affordable prices at our stations nationwide.”
https://t.co/0arNQzwWlC pic.twitter.com/eIYcJ1BESk
— NNPC Limited (@nnpclimited) August 14, 2023
As Nigeria grapples with economic pressures and fuel price fluctuations, the coming weeks will determine if these assurances hold water.
