Fuel Price Soars to N685, Northern Residents Bear the Brunt
Home News Fuel Price Soars to N685, Northern Residents Bear the Brunt
News - October 23, 2023

Fuel Price Soars to N685, Northern Residents Bear the Brunt

Fuel prices in northern Nigeria have surged to an alarming N685 per liter, causing concern among citizens. 

This comes as some filling stations continue to sell petrol at a high rate despite the government’s approved price bands.

The price hike began in July when the Nigerian National Petroleum Company Limited raised prices, with similar increases across different regions. 

The primary importer of petrol into Nigeria is now the NNPCL, as other marketers ceased imports due to difficulties in accessing U.S. dollars.

What you need to know

The surge in fuel prices coincided with President Bola Tinubu’s announcement that petrol subsidies had ended, resulting in a jump from N198 per liter to over N500. 

Reports say despite the government’s set price bands of around N580/liter in the South and N617/liter in the North, petrol is being sold for as high as N685/liter in some northern states.

In Abuja, independent dealers sell around N630/liter, while black marketers offer it at approximately N850/liter.

Lagos and the South-West also experienced a jump from a range of N488 to N500 per liter to around N580 per liter, while the South-South saw prices rise from N515 per liter to approximately N600 per liter.

Reasons for fuel hike

Reacting to the development, Chinedu Ukadike, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), told newsmen  that the high cost of petrol at independent retail outlets can be attributed to the soaring cost of diesel, which is essential for transporting.

He also noted that the expense of transporting PMS from the South to Northern Nigeria, which exceeds N2 million, has become a major concern.

Furthermore, Ukadike explained that prices at NNPCL retail stations and those of major marketers were comparatively lower because these operators have tank farms and depots from which they source their products.

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