The price of Premium Motor Spirit, well known as petrol, has been hiked by the Nigerian National Petroleum Company Limited (NNPCL) to ₦855 per litre at an Ikoyi filling station in Lagos.
This development has prompted reactions from the public, who wonder how the sudden price hike, in the new petrol production will affect the volatile fuel market in Nigeria.
So far, there has been a significant jump from the previous price of ₦568 per litre to ₦855 as seen circulating on social media.
Going memory lane, the NNPCL disclosed that it had accumulated a staggering $6 billion in debt, adding further pressure to the strained fuel market.
In response to the hike in fuel price and scarcity the CEO of Dangote Group, Aliko Dangote, has unveiled a sample of petrol produced at the newly operational Dangote Refinery.
With a closer look at the impact of his refinery’s production on fuel pricing, Dangote stressed that the Federal Executive Council, under President Bola Ahmed Tinubu, is finalising a new petrol pricing structure.
With so much assurance, Dangote has affirmed that the fuel produced in his refinery is of high quality.
“The quality here will match that of anywhere in the world; US, America, we will make sure that nobody will beat us in terms of quality.”
As much as the business mogul is concerned about the situation, his words to the public, Nigerians are also waiting for petrol to be sold at a more affordable price.
