By Adedapo Adesanya
The price of premium motor spirit (PMS), otherwise known as petrol, at the pump now sells above N600 per litre, with some fuelling stations in Lagos and Abuja dispensing the product at an average of N617 per litre.
This upward review followed the importation of new stocks into the country after President Bola Tinubu declared an end to fuel subsidy interventions on May 29, 2023.
While the N617 per litre price is exclusive to retail stations owned by the Nigerian National Petroleum Company (NNPC) Limited, some other privately-owned stations are closing shops as they are scared to raise their prices above N650 per litre.
Last month, a few days after the President said the nation would no longer pay for fuel subsidies, the NNPC Limited directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price of N169 per litre. At other outlets in Lagos, it went for as high as N550.
The hike immediately triggered an increase in transportation fares and prices of goods and services across the country.
Now, with fresh stocks coming into the country, prices will likely sell higher in the coming days, with many people buying as high as N640 in other parts of the country.
Crude oil prices in the global market have seen upward movement, reaching a multi-high of $80 per barrel in the last two weeks. This will push prices of petrol higher because Nigeria imports the commodity despite being an oil-producing country.
With no government intervention, the full brunt of the total cost of the commodity will be borne by the daily consumers.
Business Post had earlier reported that with the new fuel imports coming into the country, there would be an upward review of fuel pump prices, which has now happened.
Meanwhile, the federal government is yet to initiate its planned N8,000 monthly palliative measures to ease the burden of the fuel subsidy removal on Nigerians.
Modupe Gbadeyanka