The Nigerian National Petroleum Company Limited (NNPCL) has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦855 per litre at an Ikoyi filling station in Lagos. This represents a significant increase from the previous price of ₦568 per litre.
This price hike has stirred nationwide concern, especially given that it comes on the heels of the NNPCL’s disclosure of a staggering $6 billion debt, which has intensified pressure on the already strained fuel market.
In a related development, Aliko Dangote, CEO of the Dangote Group, recently showcased a sample of petrol produced at the newly operational Dangote Refinery. Dangote predicted that the petrol produced at his refinery could be available at filling stations within the next 48 hours.
Dangote also noted that the Federal Executive Council, under President Bola Ahmed Tinubu, is finalizing a new petrol pricing structure. He assured Nigerians of the high quality of the refinery’s petrol, stating, “The quality here will match that of anywhere in the world; US, America, we will make sure that nobody will beat us in terms of quality.”
As the nation adjusts to the new price, there is widespread speculation about how the introduction of Dangote’s refined petrol might impact the volatile fuel market in Nigeria.