Home Business and Economy Petrol Prices Rise to N970 per Litre Amid Industry Challenges

Petrol Prices Rise to N970 per Litre Amid Industry Challenges

by Radarr Africa

The price of Premium Motor Spirit (PMS), commonly known as petrol, has surged to between N930 and N970 per litre in Nigeria. This increase is attributed to ongoing industry disputes and the rising costs associated with importing fuel.​

Recent reports indicate that Dangote Refinery has adjusted its ex-depot price for petrol, influencing pump prices nationwide. The refinery’s decision is linked to fluctuations in global crude oil prices and challenges within the domestic petroleum industry.

The Nigerian National Petroleum Company (NNPC) has also been involved in price adjustments, with reports of matching Dangote’s pricing strategies to remain competitive in the market. This has led to a price war among major players in the industry, affecting consumers across the country.​

The increase in petrol prices has had a ripple effect on various sectors, particularly transportation. Many Nigerians are experiencing higher commuting costs, which in turn impacts the prices of goods and services. The situation has raised concerns about inflation and the overall cost of living in the country.​

Industry experts suggest that resolving the disputes within the petroleum sector and addressing the challenges of fuel importation are critical steps toward stabilizing petrol prices. They advocate for policies that promote transparency and efficiency in the industry to safeguard consumers from unpredictable price hikes.​

As the situation develops, Nigerians are hopeful for measures that will alleviate the financial burden caused by the rising cost of petrol and ensure a more stable economic environment.​

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