Latest Updates on Petrol Price Increase Today, 14th February 2024
Wednesday 14 February 2024
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In an unexpected development, the cost of petrol has once again surged, reaching an alarming N700 per litre in certain areas of Nigeria. Despite assurances from the Nigerian National Petroleum Company (NNPC) Limited that there would be no price hikes, several filling stations, particularly in the northern regions, have adjusted their pump rates.
The sudden escalation in petrol prices adds an additional layer of financial pressure on Nigerians who are already navigating a challenging economic climate. With life becoming increasingly challenging, any increase in fuel expenses is likely to intensify the difficulties faced by citizens. CONTINUE READING.....
Reports from Dailytrust indicate that independent marketers in Sokoto and Borno are now demanding over N700 per litre from motorists. Petrol prices in some Sokoto stations range between N690 and N700, while in Borno, a motorist revealed concerns about potential tampering with dispensing machines, pushing the effective cost even higher, sometimes exceeding N750 per litre.
The disparity in petrol prices is evident nationwide. In Kano, prices fluctuate between N620 and N690 per litre, depending on the filling station. NNPC stations maintain a slightly lower rate at N620/l. In
Lagos, Legit.ng's investigation shows prices ranging between N620 and N640 per litre.
Contrary to the surging costs, NNPC Ltd. released a statement last week urging Nigerians to dismiss rumors and assuring them that there were no plans for a petrol price hike. The message emphasized the abundant availability of Premium Motor Spirit (PMS) across the country, urging motorists to avoid panic buying. CONTINUE READING.....
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Despite the current challenges, there is a glimmer of hope as NNPC reports progress at the Port Harcourt Refining Company (PHRC). A critical step involves the supply of 475,000 barrels of crude oil from Shell Petroleum Development Company Limited to initiate refinery operations. There is optimism that once completed, this development will contribute to a decrease in petrol prices.
Marketers express concerns about potential fuel scarcity if NNPC fails to promptly provide petrol to depot owners and other dealers. The lengthy queues witnessed in Lagos and parts of Ogun state are feared to spread nationwide if the national oil firm does not act swiftly.
In these challenging times, Nigerians eagerly await relief from the escalating petrol prices, hoping for stability in their daily lives. Stay tuned for further updates on this developing situation.
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