Challenges in Fuel Supply: Impact on Nigerian Prices
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has attributed the recent hike in fuel prices to the increasing difficulty in landing petroleum products.
This challenge, particularly affecting the Nigerian National Petroleum Company Limited (NNPCL), has led to significant price increases at the pump.
For instance, in Lagos, petrol prices rose from ₦855 to ₦998 per liter, while in Abuja, they increased from ₦897 to ₦1,030.
PETROAN’s president, Billy Gillis-Harris, highlighted that market forces, such as supply and demand, and the fluctuating exchange rate, are also contributing to these price changes.
PETROAN expressed hope that the upcoming commissioning of the Dangote Refinery might provide some relief for Nigerians facing these high prices.