Nigerians are voicing their frustrations as the price of petrol continues to rise, despite the country having two working refineries—the Dangote Refinery and the Port Harcourt Refinery. Many had hoped that with these facilities operational, fuel prices would decrease.
In May 2023, fuel prices first spiked after President Bola Ahmed Tinubu announced the removal of subsidies. The Nigerian National Petroleum Company Limited (NNPCL) increased the price of petrol from ₦195 to between ₦448 and ₦557 per liter, citing the unsustainability of the subsidy, which cost over ₦400 billion monthly. A month later, prices rose again to ₦617 per liter, and by September 2024, they had climbed further to between ₦855 and ₦897 per liter.
NNPCL explained these hikes as a result of global market factors and financial pressures. The company’s Chief Corporate Communications Officer, Olufemi Soneye, stated that NNPCL faced heavy debts to petrol suppliers, which strained fuel supply sustainability. More recently, the price surged to ₦1,030 per liter after NNPCL stepped back from its intermediary role, allowing marketers to deal directly with the Dangote Refinery.
When the Dangote Refinery began operations, many Nigerians were optimistic that fuel prices would drop. However, prices have risen twice since the refinery started producing petrol. NNPCL later announced that the Port Harcourt Refinery had also resumed production after years of rehabilitation. Despite this progress, many Nigerians feel let down by the high fuel costs.
Hassan Alowonle, a respondent, expressed disappointment, recalling times when fuel prices were subsidized and more affordable. He criticized the current administration for prioritizing revenue generation over citizens’ welfare, arguing that having functional refineries has not eased the burden on the public.
Augustine Oyiwona highlighted factors driving the high prices, including inflation, the cost of crude oil, production expenses, and poor infrastructure. He explained that businesses spend heavily on power generation due to unreliable electricity, which affects refinery costs.
Another respondent, Sylvester Agih, questioned why Nigerians are paying more for petrol now than when the country relied on imports. He criticized the government for failing to deliver visible benefits from the subsidy removal, adding that many citizens suspect corruption and inefficiency in the management of resources.
Ameh Anthony described the situation as “suffering in the midst of plenty,” lamenting that fuel prices are worsening economic hardships for both individuals and businesses. Daniel Mustapha called for investigations into the persistent price hikes and urged the government to address inefficiencies in the oil sector to bring relief to the masses.
Adams Ali suggested that the government sell crude oil to refineries at a subsidized rate to lower pump prices. He argued that if properly managed, fuel could be sold for as low as ₦300 per liter, reducing the cost of goods and services across the board.
The rising cost of fuel has left Nigerians questioning the effectiveness of the current policies and the true benefits of having functional refineries in the country. Many are calling on the government to prioritize citizens’ welfare and take urgent steps to ease the growing financial burden.
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Nigerians Express Frustration Over Rising Fuel Prices Despite Functional Refineries
Nigerians are voicing their frustrations as the price of petrol continues to rise, despite the country having two working refineries—the Dangote Refinery and the Port Harcourt Refinery. Many had hoped that with these facilities operational, fuel prices would decrease.
In May 2023, fuel prices first spiked after President Bola Ahmed Tinubu announced the removal of subsidies. The Nigerian National Petroleum Company Limited (NNPCL) increased the price of petrol from ₦195 to between ₦448 and ₦557 per liter, citing the unsustainability of the subsidy, which cost over ₦400 billion monthly. A month later, prices rose again to ₦617 per liter, and by September 2024, they had climbed further to between ₦855 and ₦897 per liter.
NNPCL explained these hikes as a result of global market factors and financial pressures. The company’s Chief Corporate Communications Officer, Olufemi Soneye, stated that NNPCL faced heavy debts to petrol suppliers, which strained fuel supply sustainability. More recently, the price surged to ₦1,030 per liter after NNPCL stepped back from its intermediary role, allowing marketers to deal directly with the Dangote Refinery.
When the Dangote Refinery began operations, many Nigerians were optimistic that fuel prices would drop. However, prices have risen twice since the refinery started producing petrol. NNPCL later announced that the Port Harcourt Refinery had also resumed production after years of rehabilitation. Despite this progress, many Nigerians feel let down by the high fuel costs.
Hassan Alowonle, a respondent, expressed disappointment, recalling times when fuel prices were subsidized and more affordable. He criticized the current administration for prioritizing revenue generation over citizens’ welfare, arguing that having functional refineries has not eased the burden on the public.
Augustine Oyiwona highlighted factors driving the high prices, including inflation, the cost of crude oil, production expenses, and poor infrastructure. He explained that businesses spend heavily on power generation due to unreliable electricity, which affects refinery costs.
Another respondent, Sylvester Agih, questioned why Nigerians are paying more for petrol now than when the country relied on imports. He criticized the government for failing to deliver visible benefits from the subsidy removal, adding that many citizens suspect corruption and inefficiency in the management of resources.
Ameh Anthony described the situation as “suffering in the midst of plenty,” lamenting that fuel prices are worsening economic hardships for both individuals and businesses. Daniel Mustapha called for investigations into the persistent price hikes and urged the government to address inefficiencies in the oil sector to bring relief to the masses.
Adams Ali suggested that the government sell crude oil to refineries at a subsidized rate to lower pump prices. He argued that if properly managed, fuel could be sold for as low as ₦300 per liter, reducing the cost of goods and services across the board.
The rising cost of fuel has left Nigerians questioning the effectiveness of the current policies and the true benefits of having functional refineries in the country. Many are calling on the government to prioritize citizens’ welfare and take urgent steps to ease the growing financial burden.
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