The price of petrol, technically known as Premium Motor Spirit (PMS), has surged to between N930 and N970 per litre in Lagos, Ogun State, and the Federal Capital Territory (FCT), Abuja.
Previously, petrol, also known as fuel, was sold at prices ranging from N860 to N890 per litre, especially in the Lagos State.
However, an investigation by NewMailNG revealed that many major petrol stations in Lagos have adjusted their pump prices to N930 per litre and above.
Investigations showed that major filling stations in Ikeja, Ikorodu, Agege, and Ogba, as well as a filling station on Admiralty Road in Lekki Phase 1, sold the product at N930 per litre, while some other retail outlets in Lagos sold petrol at prices between N930 and N935 per litre.
Similarly, the information available indicates that some retail stations in Abuja and Magboro, Ogun State, sold petrol at prices ranging between N960 and N970 per litre.
The development has dashed the hopes of people who traveled for the Sallah break, expecting stable transport fares for their return journeys.
It has also worsened the hardship and anxiety of many Nigerians already struggling with high inflation.
Recall that Dangote Refinery announced on March 19 a temporary suspension of petroleum product sales in Naira.
However, the federal government stated that discussions were still ongoing regarding whether to continue or discontinue the Naira-for-crude policy.
While announcing the temporary suspension, Dangote Refinery explained that the decision was necessary to avoid a mismatch between sales proceeds and crude oil purchase obligations, which are currently denominated in U.S. dollars.
A statement from the company read: “To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.
“Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is a malicious falsehood. Our systems are robust, and we have had no fraud issues.
“We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira.”
