Oil & Gas

Petrol price hits N650 per litre in states as queues return in Lagos

Petrol yesterday sold for N650 per litre in Borno, Oyo and Delta states against the current official price of N617.


Marketers had recently said the product would sell for between N680/litre and N720/litre in the coming weeks should the naira continue to fall at the parallel market.


Reports had also said the landing cost of petrol had risen month-on-month, by 37.4 percent to N632.17 per litre in July 2023, from N460 per litre in June 2023, reports Daily Trust.


In Maiduguri, Borno State Capital, the product yesterday sold between N625 and N655 at some private stations; and N635 at the NNPC Mega station.


In Ibadan, Oyo State, many filling stations adjusted the petrol price from N580 to N690, as confirmed by motorists. Our reporter discovered that stations like Ola Shehu, Laryma-C and others sold the product for between N600 and N690.


With long queues, Petrocam and NNPC stations in Ibadan were seen sell for N580. Our correspondent also saw some stations selling petrol for N650 in Delta State.


In Lagos, there long queues at NNPCL and some private stations dispensing the petrol as many others were said to have hoarded the product due to speculations of a possible price hike.


Queues were observed at the Mobil filling station along Lateef Jakande, Alausa and the NNPC station on Kudirat Abiola road.


“It seems as if they want to increase the price again. It used to be N560 at this station but the price has been adjusted to N568. The other station opposite them and the Conoil oil after the Ifako Ijaiye council secretariat are not selling,” noted Abayomi Paul, a motorist at the First Royal filling station on College road.


Another motorist, Abideen Agboola, said: “The rumoured N750/litre will kill many small businesses.”


An attendant at one of the stations in Ikeja, who spoke on condition of anonymity, said they were instructed not to dispense petrol until the review is authorised.


“Our supervisor has told us that a new price would soon be announced so we have been told not to dispense for now,” he said.


NMDPRA reacts


A source at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), told our correspondent that the reported suspension of petrol by marketers “will not affect supply as the NNPCL is the importer of last resort. It (NNPCL) will fill that void should it exist.”


NLC vows to ground Nigeria


President, Nigeria Labour Congress, Joe Ajaero, yesterday said not give the federal government any notice before shutting down the country if petrol price was increased again.


Speaking in Abuja during the African Alliance of Trade Unions meeting, he described incessant increases as “illegal” while negotiations were not concluded and palliatives put in place.


Ajaero warned the government to change “those bad economic policies that make workers’ wages next to nothing”.


“As we’re here now. They’re contemplating on increasing the pump price of petroleum products. But the Minister of Labor for some time now, will only go to the Minister of Justice to come up with an injunction to hold the hands of labour not to respond.


“They have started floating ideas of a likely increase in the price of petroleum products. But let me say this. Nigeria workers will not give any strike notice.


“If we have not addressed the consequences of the last two increases of fuel pump price, and we wake up from asleep to hear that they have tampered with the fuel pump price again.”


Speaking on the free fall of the Naira, he said, “I want to plead with the government that those bad economic policies that make our wages next to nothing, should be checked. “If you check those policies that lead to inflation and devaluation of the currency, we will be comfortable even where we are if naira is at par with dollar today, we will ask you to leave the minimum wage at N30,000.


“If inflation is checked to zero, we will ask you to leave things the way they are. But inflation is flying, and by the admittance of the National Bureau of Statistics, we have over 133 million Nigerians that are multi dimensionally poor.


“I think these are the issues the government should address. If we go for a wage increase tomorrow, the inflation that will follow suit will destroy it.”


Transporters raise concern over impending fuel hike


Transport leaders who spoke to our correspondent, expressed anger over the management of the subsidy by President Bola Tinubu.


One of them, Alhaji Yusuf Sanni, said drivers were being pushed to the edge with the hike in fuel price, stating that it would no longer be possible for any transporter to operate profitably.


Alhaji Inua Abdullahi, another transport leader, said: “That is the situation we found ourselves in. I don’t know an oil-producing country that would not have a functional refinery.


“Many people have reduced their movement drastically. “As a commercial driver, you can’t say ‘let me quickly go with passengers and return. You spend hours waiting for passengers,” he said.


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