In a shocking development earlier today, fuel prices in the country witnessed yet another significant surge, leaving citizens grappling with the soaring cost of Premium Motor Spirit (PMS), commonly known as petrol. At select filling stations operated by the Nigerian National Petroleum Company Limited (NNPCL), the pump price of PMS shot up from N537 per liter to a staggering N617 per liter. Independent oil marketers confirmed this distressing increase, warning that such adjustments at NNPCL stations usually signal further rises in PMS costs.
Addressing the escalating situation, Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, attributed the rising pump prices to market forces. After a meeting with Vice President Kashim Shettima at the Aso Rock, Kyari asserted that the deregulation of the oil sector exposes fuel prices to the ebbs and flows of market realities, occasionally pushing them upward and at other times bringing them down.
Crucially, Kyari emphasized that the surge in petrol prices, from N540 to N617 per liter, is not a supply issue. He reassured Nigerians that the country boasts a “robust supply” of this vital commodity, boasting over 32 days’ worth of petrol in reserve.
He said, “This is really what is happening; this is making sure that the market regulates itself so that the prices will go up and sometimes, it will come down also.”
“There is no supply issue; when you go to the market, you buy the product, you come to the market and sell it at the prevailing market prices, nothing to do with supply issues.
“We have robust supply; we have over 32 days of supply within the country,” he said.
The responsibility for price adjustments lies with the NNPCL’s marketing team, who Kyari explained, makes changes based on prevailing market conditions. He emphasized that this approach allows the market to self-regulate, leading to fluctuating prices that may rise or fall.
However, the consequences of these exorbitant fuel prices are not lost on the people. The hardship they are facing has sparked frustration and disappointment among Nigerians, as they contend with the financial strain of this latest price surge. A resident of Kano state, Adamu Salihu, expressed his disappointment, stating that the current situation is not what he and his family voted for when supporting the Tinubu-led government. He described the dire impact of these soaring prices on his family, expressing concern that he might be forced to take drastic measures to survive.
“Honestly this new price has hit us very hard. This is not what we voted for. My children and I voted for the current government in power. What we are being served is contrary to what we asked for. I am a Nigerian, I deserve to be treated right. I am no longer a youth, I have children and they also go out and vote. Very soon if there is no change, I will ask them to stop voting because they are no longer going to school and have started hawking selling ‘Awara’.”
Nigerians are now left to confront the reality of the fuel price increase and its implications for their daily lives. Some individuals, like Emeka Eze, have suggested that having operational refineries could have mitigated the situation. Others, like Adejumo Felix, are sceptical of market forces, as they seem to perpetually drive prices higher. With minimum wages already insufficient, and fear and uncertainty gripping the nation, citizens are anxiously awaiting any potential government interventions.
Emeka Eze “The best would’ve been to have our Refineries, at least two working.”
Adejumo Felix said: “Market forces have never brought down the price. It has always been on the increase. Renewed Shege,”
In light of these developments, Nigerians are left to wonder if the promised “Messiah” of their hopes and aspirations can deliver the much-needed relief and stability for the nation. As the situation unfolds, the future remains uncertain, and the burden on everyday Nigerians continues to mount.
