Tension Over Fresh Hardship
OpenLife News reports that Nigerians have been thrown into fresh hardship and confusion just 48 hours after the Federal Government announced a 30-day discounted petrol price, as depot prices for petrol and diesel have skyrocketed across the country.
Checks on Friday showed that despite the government’s N1,350 per litre discount promise, marketers at major depots in Lagos, Port Harcourt, Warri and Calabar sharply increased prices, with some depots in Port Harcourt now selling petrol for as high as N1,900 per litre.
In Port Harcourt, NIPCO led the hike, raising its Premium Motor Spirit (PMS) price by N170 to N1,900 per litre from N1,730, while six other depots — African Terminal, Ascon, Eterna, Gulf Treasure, Ibachem and Ibeto — also jumped to N1,900 from N1,750 per litre.
Duport and Integrated increased to N1,806 from N1,750
The arbitrary increases were also recorded in Lagos, where Masters raised its price to N1,350 from N1,303, Matrix to N1,360 from N1,330, Sigmund and T.S.L to N1,350 from N1,300 each, and NIPCO to N1,350 from N1,326.
In Calabar, Matrix moved to N1,370 from N1,315, while in Warri, Keonamex, Matrix, Nepal and Parker all increased to N1,360 from N1,315, and Optima to N1,360 from N1,330.
At the retail end, Nigerians are already feeling the pinch as pump prices vary widely.
The NNPC Ltd sold at N1,360 per litre in Lagos, MRS at N1,338, and 11 Plc at N1,338.80, but independent marketers sold between N1,368 and N1,400, forcing many motorists to pay more.
The development has sparked anger among motorists, commuters and small business owners who had hoped the government’s discount would bring relief.
Diesel prices, which power most businesses and trucks, also climbed sharply.
In Warri, Rain Oil and Matrix raised Automotive Gas Oil (AGO) by N180 to N1,900 per litre from N1,720. In Port Harcourt, Dangote increased to N1,720 from N1,702, while Masters moved to N1,825 from N1,788.
The diesel hike threatens to worsen operating costs for manufacturers, transporters and households already battling high inflation and poor power supply.
Market watchers linked the surge to rising international crude prices, with Brent crude climbing to $104.50 and WTI to $91.73, but also blamed local factors including supply bottlenecks, high replacement costs and exploitative pricing by marketers.
Offering his voice on the issue, Chief Executive Officer of Petroleum Price, Olatide Jeremiah, said: “Despite domestic issues and development in Nigeria, the downstream sector would continue to respond or react to developments at the global oil market.”
For many Nigerians, however, the latest hike, coming barely 48 hours after a promised discount, has deepened distrust and raised fears that the cost-of-living crisis is far from over.
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