Panic As Petrol price Crisis Deepens, Reaches N1,350/Litre in Nigeria

Motorists and commuters across Nigeria are grappling with a sharp rise in the pump price of Premium Motor Spirit (PMS), popularly known as petrol, which has surged from around N890 per litre to as high as N1,350 per litre within just a few days.

Findings by our correspondent show that many filling stations in several states, including Bauchi State, swiftly adjusted their pump prices immediately after reports emerged that depot prices had increased. This happened despite the likelihood that many marketers still had older fuel stock purchased at the previous lower rates.

At some stations monitored in Bauchi, pump meters were already recalibrated to N1,350 per litre. A check on one of the dispensing machines showed that a purchase of N5,000 now yields only about 3.7 litres of petrol, a stark contrast to what motorists received when the price hovered around N890 per litre only days earlier.

The immediate price adjustment has sparked criticism from motorists and residents, many of whom accused fuel marketers of taking advantage of the situation. Some commuters argued that stations should exhaust existing stock before implementing new depot prices.

The impact of the sudden increase is already being felt in the transport sector, as commercial vehicles have become noticeably scarce on major roads. Several drivers have either reduced their operations or increased transport fares, leaving many commuters stranded at bus stops and forcing others to pay significantly higher fares to reach their destinations.

Industry sources attribute the new price surge to a rise in depot prices, driven by a combination of foreign exchange pressures, international crude oil price fluctuations, and supply costs within the deregulated fuel market.

Since the removal of fuel subsidy in Nigeria, petrol prices have been largely determined by market forces, a development that has led to frequent adjustments in pump prices nationwide.

Economic observers warn that the latest increase could further intensify inflation and worsen the cost-of-living crisis, as transportation costs often influence the prices of goods and services across the country.

For millions of Nigerians, however, the immediate concern is the growing difficulty of daily mobility, as the soaring petrol price continues to stretch household budgets and disrupt transportation systems across the country.