Breaking News on Petrol Price Per Litre - October 24, 2023
Monday 23 October 2023
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Breaking News on Petrol Price Per Litre - October 24, 2023
In the Midst of Fuel Crisis, Nigerian Petrol Price Soars to N625-630 per Litre
The Nigerian fuel sector is in the midst of a severe crisis as the cost of Premium Motor Spirit (PMS), commonly referred to as gasoline, has surged to approximately N625-N630 per liter. This increase has raised serious concerns among oil distributors, leading to the widespread closure of gas stations and substantial difficulties in transporting, importing, and distributing petroleum products.
According to investigations, a considerable number of gas stations within the Federal Capital Territory (FCT) have either halted sales or are offering gasoline at the N625-N630 per liter range, causing distress for both sellers and consumers. This problem has been intensified by a shortage of foreign currency, which is hindering the importation of petroleum products and impeding the ability of distributors to access supplies from the Nigerian National Petroleum Company Limited (NNPCL), the exclusive importer of fuel in the nation.
The NNPCL has stated that there is no supply shortfall and claims to have a 30-day reserve of PMS. Nevertheless, industry experts and spokespersons have pointed out the challenges driving the substantial price increases. CONTINUE READING.......
Chief Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), has praised the government's choice to maintain the current PMS price given the numerous challenges confronting the sector. However, he has warned that if the current rate persists, gasoline prices could reach levels between N900 and N1,000 per liter, creating a dire situation for the people of Nigeria.
Ukadike elaborated that the Federal Government has moved away from deregulation and is now providing subsidies for petroleum products due to the inability of importers to procure dollars from the parallel market, where the dollar exchange rate is almost N1,300. The government's intervention, carried out through its subsidiary NNPCL, has emerged as the sole importer of fuel in the country, ensuring ongoing subsidies for Nigerian citizens.
Billy Gillis Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has observed that as of Friday, the PMS price at the depot stood at N605 per liter, justifying the notable increase in retail prices. He has advised consumers that if they encounter PMS priced at N640 or N650, they should consider it a reasonable deal, given the challenges retailers face in procuring and distributing the product. CONTINUE READING.........
The current situation surrounding gasoline prices in Nigeria illustrates the intricacies of the global energy market and the difficulties arising from currency exchange rates and transportation expenses. As the nation wrestles with this crisis, it remains to be seen how the government and industry stakeholders will address the pressing issues and provide relief to the Nigerian population.
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