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Nollywood actor Wale Okunnu has criticized petroleum marketers for the escalating petrol prices, which have now reached N1350 per litre in Nigeria. He questions why local fuel costs are so high compared to other nations.
The continuous increase in petrol prices, reaching nearly N1,400 per litre in various regions of Nigeria, is exacerbating the economic difficulties faced by many citizens. This price hike is affecting transportation, businesses, and household budgets across the nation.
Recent data indicates that Nigeria has experienced the most significant rise in petrol prices globally due to the ongoing conflict in the Middle East. The surge of 39.5% has placed the country ahead of several others in this regard.
Energy expert Gbolahan Olojede indicates that Nigeria might benefit from a rise in oil revenue due to the ongoing crisis in the Middle East, despite increased fuel prices for citizens.
Finance Minister Wale Edun has confirmed that Nigeria will not impose regulations on petrol prices despite the instability in global oil markets due to the ongoing conflict in the Middle East. Instead, the government will focus on measures to mitigate the economic effects of the war.
Comedian Ekene Clinton Egbuna, known as KlintonCod, has openly criticized President Tinubu for not addressing the concerns of Nigerians amidst rising living costs. Following a surge in petrol prices that has impacted food and transportation costs, KlintonCod expressed his frustrations on social media.
The Dangote Petroleum Refinery has raised its petrol gantry price by N121, increasing the ex-depot price to N995 per litre. This adjustment comes in response to rising global crude oil prices and supply disruptions caused by the ongoing conflict involving the United States and Iran.
The price of petrol has increased to approximately ₦1,080 per litre in various parts of Lagos, driven by rising crude oil costs amid geopolitical tensions in the Middle East. A survey shows prices range from ₦1,020 to ₦1,080 per litre across different filling stations.
The Nigeria Customs Service has confiscated 14,375 litres of Premium Motor Spirit valued at approximately N14.4 million in response to rising petrol prices across the country. This operation, carried out by Operation Whirlwind, targeted smuggled petrol originally intended for Cameroon.
Nigeria's government is considering reintroducing petrol and diesel import permits by mid-February to mitigate potential supply disruptions. This comes as the Dangote Refinery warns of significantly higher fuel prices if logistical costs are passed on to consumers.
