The rise in the prices of crude oil grades on the global market as a result of the attacks on Iran by the duo of the United States and Israel has triggered an increase in the price of premium motor spirit (PMS), otherwise known as petrol, in Nigeria.
This reporter observed that some petrol stations dispensing the product to consumers were selling above N1,200 on Monday evening.
In the areas monitored by Business Post yesterday in the Alimosho area of Lagos State, most of the fuel stations selling PMS did so at between N1,200 and N1,230 per litre.
A retailer around Jendol Superstores on Ipaja Road, dispensing at N1,020 to motorists, witnessed a long queue on Monday evening, causing traffic gridlock that stretched to Abesan Roundabout.
But the others selling at N1,230, especially in the Okunola area of Alimosho, had few vehicles, while many others shut their gates and were not selling.
It was gathered that the pump price rose to N1,230 per litre yesterday evening, as many of them sold at N1,050 per litre in the morning.
“The situation is crazy,” a motorist, who spoke with the newspaper, lamented.
“But why is petrol very expensive in Nigeria when we were not bombed like Saudi Arabia?” another consumer, who identified himself as Mr Tayo Goriola, queried.
An analyst speaking on Nigeria Info 99.3 FM Lagos on Monday, Mr Majeed Dahiru, said it was wrong for the government to hand off subsidy on energy because of situations like this.
“This was what some of us foresaw when we said the government cannot remove a safety net called a subsidy on energy because of times like this.
“As we speak, all others have triggered their safety mechanisms to stabilise prices, including in the UAE and Saudi Arabia, which have come under attack, unlike Nigeria, which has not been attacked,” he said on Dailies Today with Kofi Bartels yesterday.
Petrol prices went up on Monday after the crude oil hit $105 per barrel, and there are fears that the war could jack prices up to $150 per barrel, which could raise PMS to N1,500 or N2,000 per litre in Nigeria.
Meanwhile, Dangote Refinery has assured Nigerians of sufficient supply of PMS during this period, saying, “With government support and steady access to domestic crude, Dangote Refinery will continue to meet all of Nigeria’s refined fuel requirements.”