Nigerians Under Pressure as Petrol Prices Surge Beyond N1,000 Per Litre

Nigerians are grappling with skyrocketing petrol prices, which have surged above N1,000 per litre in many parts of the country. The steep rise has triggered widespread concern, as citizens lament the growing financial strain on households and businesses.

The Nigerian National Petroleum Corporation Limited (NNPCL) has been struggling to manage the country’s fuel supply due to significant financial pressures. The company recently admitted to owing over $6 billion to international oil suppliers, further compounding the fuel scarcity issue.

However, there may be a glimmer of hope on the horizon. Dangote Oil Refinery, which has the capacity to process 650,000 barrels of crude oil per day, has reportedly started producing Premium Motor Spirit (PMS) at its facility in Lagos. According to Anthony Chiejina, the spokesperson for Dangote Group, the refinery aims to alleviate the burden on NNPCL by reducing the need for fuel imports and ensuring a steady supply of petrol within the country.

In an exclusive interview with the South East Post on Monday, Chiejina explained that the production of PMS at the Dangote Refinery would help end the endless queues at fuel stations, increase the nation’s productivity, and secure Nigeria’s energy future. He emphasized the importance of having fuel readily available, noting that it would save Nigerians from losing valuable work hours while waiting in long lines to purchase petrol.

“The goal is to ensure that products are available and paid for so that Nigerians do not have to wait in endless queues and lose hours of work. People do not have to queue during working hours and lose profits due to queuing to get fuel. Fuel is always available when you need it. You can imagine the level of productivity achieved in this country,” Chiejina added.

The commencement of fuel production at the Dangote Refinery comes at a critical time, as NNPCL’s financial woes continue to threaten the stability of Nigeria’s fuel supply. The corporation’s admission of financial distress has sparked concern among stakeholders and the general public, who fear that the situation could exacerbate the ongoing crisis in the nation’s oil and gas industry.

With Dangote Oil stepping in to help stabilize the market, many Nigerians are hopeful that the refinery’s operations will bring much-needed relief and restore some stability to the nation’s fuel supply chain.