N720/Litre: Long queues return in Lagos amidst price hike in Borno, Oyo, Delta states

N720/Litre: Long queues return in Lagos amidst price hike in Borno, Oyo, Delta states

The price of Premium Motor Spirit otherwise known as petrol has witnessed significant spikes in Borno, Oyo, and Delta States, with reports indicating that the price of petrol reached N650 per litre in the putative states.

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This surge, which surpasses the official price of N617, has raised concerns among motorists and industry experts.

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Experts are attributing this escalation to the ongoing depreciation of the naira in the parallel market and the potential implications for consumers and businesses.

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Fuel Price Surge Amid Naira Depreciation

Marketers have warned that the cost of petrol could soar to between N680 and N720 per litre in the coming weeks if the naira’s value continues to deteriorate in the parallel market.

These predictions have already been validated by the current price increase in Borno, Oyo, and Delta States. The fuel pricing landscape has seen a considerable shift due to these currency fluctuations.

Rising Landing Cost

Reports highlight that the landing cost of petrol has seen a substantial month-on-month increase, surging by 37.4 percent to N632.17 per litre in July 2023, compared to N460 per litre in June 2023. This surge in landing cost is a result of multiple factors, including global crude oil prices and changes in market dynamics.

Fuel Price Situation Across Regions

In Maiduguri, the capital of Borno State, petrol prices ranged between N625 and N655 at private stations, and N635 at the NNPC Mega station.

In Ibadan, Oyo State, several filling stations have adjusted their petrol prices from N580 to N690, causing concerns among motorists. Filling stations such as Ola Shehu, Laryma-C, and others have set their prices between N600 and N690.

Additionally, Petrocam and NNPC stations in Ibadan were selling at N580, while certain stations in Delta State offered petrol at N650 per litre.

Queues and Speculations in Lagos

In Lagos, long queues have formed at NNPCL and various private stations that are still dispensing petrol. Some stations have reportedly held onto their stocks due to speculations of an impending price hike. Notably, queues were observed at the Mobil filling station along Lateef Jakande, Alausa, and the NNPC station on Kudirat Abiola road.

Consumer Sentiments and Small Businesses Impact

Motorists are expressing concerns over the potential consequences of further price increases. Abayomi Paul, a motorist, remarked that the recent adjustment from N560 to N568 at a station was already causing financial strain, while Abideen Agboola noted that rumors of N750 per litre would negatively impact small businesses.

Labor Unions’ Stance

Joe Ajaero, the President of the Nigeria Labour Congress, declared that organized labor would not give the federal government any notice before initiating a countrywide shutdown if petrol prices were raised again. He emphasized that increasing prices without concluded negotiations and appropriate relief measures was considered “illegal.”

The recent surge in fuel prices in Borno, Oyo, and Delta States has sparked concerns and raised questions about the factors driving this escalation.

The link between the falling naira value and increased fuel prices is evident. As consumers and small businesses voice their worries, labor unions assert their position against abrupt price hikes.

It remains to be seen how the government and industry stakeholders will address these concerns and maintain a balance between economic stability and consumer affordability.


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