The latest updates on petrol prices and fuel scarcity in Nigeria reveal a mix of challenges and developments:
- Current Petrol Prices: The average petrol price in Nigeria has risen significantly, now ranging between ₦1,060 and ₦1,180 per litre. This represents a substantial increase from earlier in the year. The price surge is driven by global oil market fluctuations, a weaker naira, and the removal of subsidies.
- Fuel Imports and Dangote Refinery: Despite increased importation (1.947 million metric tonnes of petroleum products from October to early November), there is pressure for local sourcing. The Dangote Refinery has partnered with the Independent Petroleum Marketers Association of Nigeria (IPMAN) to supply fuel locally, aiming to stabilize prices and reduce reliance on imports.
- Public Reactions and Economic Impact: The Nigeria Labour Congress (NLC) has criticized fuel marketers for excessive pricing and announced plans for strikes in states failing to implement new minimum wages. Many Nigerians are grappling with higher costs of living as fuel price hikes push up transportation and food prices.
- Future Developments: Although the Dangote Refinery is poised to export fuel to other African countries, stakeholders emphasize the need for policies to prioritize local availability and affordability.
These developments highlight ongoing efforts to address fuel challenges, though economic pressures persist for the average Nigerian.
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